Universal Music Group Agreement with TikTok to Expire on January 31, 2024

Rhea-AI Summary

Universal Music Group N.V. (UMG) announces the expiration of its agreement with TikTok on January 31, 2024. The companies have not reached new terms, leading to UMG ceasing licensing content to TikTok and TikTok Music services. This decision is explained in an open letter to the artist and songwriter community.

Positive

• None.

Negative

• UMG's agreement with TikTok set to expire, leading to the cessation of content licensing.
• No new agreement terms reached between UMG and TikTok.

SANTA MONICA, Calif., and HILVERSUM, The Netherlands, Jan. 30, 2024 /PRNewswire/ -- Universal Music Group N.V. (EURONEXT: UMG) announces today that its agreement with TikTok is set to expire on January 31, 2024.  

An Open Letter to the Artist and Songwriter Community - Why We Must Call Time Out on TikTok

The companies have not agreed to terms for a new agreement and upon expiration of the current agreement, Universal Music Group, including Universal Music Publishing Group, will cease licensing content to TikTok and TikTok Music services.

For more information, please see our "Open Letter to the Artist and Songwriter Community" here.

About Universal Music Group
At Universal Music Group, we exist to shape culture through the power of artistry. UMG is the world leader in music-based entertainment, with a broad array of businesses engaged in recorded music, music publishing, merchandising, and audiovisual content. Featuring the most comprehensive catalogue of recordings and songs across every musical genre, UMG identifies and develops artists and produces and distributes the most critically acclaimed and commercially successful music in the world. Committed to artistry, innovation, and entrepreneurship, UMG fosters the development of services, platforms, and business models in order to broaden artistic and commercial opportunities for our artists and create new experiences for fans. For more information, visit www.universalmusic.com.

Contacts

Investors

Erika Begun – investorrelations@umusic.com

Media

James Murtagh-Hopkins – communicationsnl@umusic.com

Cautionary Notice

This press release is published by Universal Music Group N.V. and contains inside information within the meaning of article 7(1) of Regulation (EU) No 596/2014 (Market Abuse Regulation).

View original content to download multimedia:https://www.prnewswire.com/news-releases/universal-music-group-agreement-with-tiktok-to-expire-on-january-31-2024-302048628.html

SOURCE Universal Music Group N.V.

FAQ

When does UMG's agreement with TikTok expire?

UMG's agreement with TikTok is set to expire on January 31, 2024.

What will happen after the expiration of the agreement?

Upon expiration, UMG will cease licensing content to TikTok and TikTok Music services.

What is the ticker symbol for Universal Music Group N.V.?

The ticker symbol for Universal Music Group N.V. is UMG.