TikTok, Warner Music Group to partner in music licensing deal
12:18 pm Tuesday, July 18th, 2023
(Reuters) – Warner Music Group, the record label conglomerate behind artists such as Radiohead, AC/DC and Madonna, has signed a licensing deal with Chinese short-video app TikTok to boost its social media revenues.
The multi-year deal will help Warner Music’s artists and songwriters unlock new revenue and marketing opportunities from TikTok’s more than 1 billion users, the companies said on Tuesday.
The financial terms of the deal were not disclosed.
Social media platforms like TikTok have seen many new artists go big when content featuring their music went viral, helping them clinch major record deals.
Under the new agreement, Warner Music’s artists and songwriters will also have access to TikTok’s brand partners such as World Wrestling Entertainment (WWE), and to new monetization features like merchandise, ticketing and digital goods.
The deal licenses the collection of Warner Recorded Music and Warner Chappell Music to TikTok, TikTok Music – the social media app’s premium streaming service, video editor CapCut, and TikTok’s Commercial Music Library.
(Reporting by Zaheer Kachwala; Editing by Devika Syamnath)