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“Universal Music will remove its songs from TikTok”, Announcement wall street journal, “The contract between Universal and the social networking application expires this Wednesday (January 31), and negotiations to renew it have not been successful,” sums it up financial Times,
new york magazine Board, Specializing in the music industry, lists the artists whose songs are influenced by. Lots of big names: Taylor Swift, Drake, BTS, but also Billie Eilish, Harry Styles, Ariana Grande, The Weeknd, Lady Gaga, Lana Del Rey and Sophie Ellis-Bextor – including her 2001 hit, murder on the dancefloor, This platform owned by Chinese company ByteDance is quite popular.
Important Issues for Universal Music
On January 30, in “An Open Letter to the Community of Artists and Songwriters”, Universal Music has reported an impasse in negotiations, according to reports Wall Street Journal. According to the American head, the reason: insufficient protection of artists against the misdeeds of artificial intelligence, but also the very low amount of royalties paid by TikTok for the use of famous songs. Universal Music, which “controls one third of the world’s music”, According to the formula of financial Times, Accused of playing cards on social networks“Threat” And, most of all, want “Building a Music-Based Business Without Paying Fair Value”.
In a press release, TikTok decided “Sad and disappointing that Universal Music Group is putting its greed ahead of the interests of its artists.”
“Trying to secure higher paying deals with TikTok is a key element for the music industry if it wants to continue its growth strategy.” analyze Wall Street Journal. The American financial daily argues that with the streaming industry showing signs of weakening, it would have been important for the sector to boost its listings on social networks, video games or even some applications, especially fitness going.
financial Times, For its part, remind that in 2023 Warner Music, the third largest company in the world in this sector, managed to reach an agreement with the same TikTok.
