By: Economic & Finance Report

Record labels are renegotiating with TikTok; the popular social media platform, in order to earn more money from the music catalogue, they license to TikTok. Major record labels such as Universal Music Group; Warner Music Group; Sony Music Entertainment; have all requested TikTok split more of the advertising revenue that it garners. The negotiations between all parties have been ongoing for over a year.

The music labels have seen a mass expansion of the platform, by a wide range of audiences globally. A plethora of young people continue to gravitate to the app platform, and the majors are taking more of a proactive stance; in how the revenue is generated by TikTok. To say that they “want in” is an understatement. To say is that they “want more” is more in line with the major’s objectives. The popular app has been very profitable, and the labels want more money than they have been getting. In 2022 alone, TikTok revenue exceeded $12 billion dollars. That is saying something $$$, at least to the majors. -SB

Image Source: TikTok Logo

TikTok is making billions and record labels like Universal and Sony want a bigger cut of the action | Fortune

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