WARNER, TIKTOK AGREE TO NEW LICENSING DEAL
According to Bloomberg, Warner Music Group has secured a new licensing deal with TikTok. Unlike TikTok's previously announced short-term deals with the majors, the new pact covers recordings and publishing...
According to Bloomberg, Warner Music Group has secured a new licensing deal with TikTok. Unlike TikTok's previously announced short-term deals with the majors, the new pact covers recordings and publishing.
It shouldn't be a surprise that WMG is first among the majors to agree to new terms with ByteDance's TikTok; former WMG executives Ole Obermann and Tracy Gardner recently joined TikTok to oversee global music development.
Gardner's role at WMG was SVP, Global Business Development & Strategy. She now holds the title of Head of Label Licensing & Partnerships at TikTok. At WMG she reported to Obermann, who was Chief Digital Officer and EVP, Global Biz Dev & Strategy. He's now TikTok's Global Head of Music.
Warner Music's stock began to surge on Thursday following a recommendation by Morgan Stanley, as it forecasts major growth in the music sector from new revenue streams like TikTok, Peleton and gaming.
Meanwhile, just yesterday (12/18), Tencent acquired an additional 10% equity in UMG. In related news, Spotify's stock continues to thrive.