WARNER MUSIC GROUP & TIKTOK ANNOUNCE FIRST-OF-ITS-KIND EXPANDED AGREEMENT

Rhea-AI Impact

(Low)

Rhea-AI Sentiment

(Very Positive)

Tags

07/18/2023 - 10:00 AM

Global deal creates new revenue, marketing, and insights opportunities for artists and songwriters

NEW YORK, July 18, 2023 /PRNewswire/ -- Warner Music Group (Nasdaq: WMG) and TikTok today announced a wide-ranging, first-of-its-kind partnership that will benefit WMG's artists and songwriters, and TikTok's billion-plus users around the world. The multi-year, multi-product deal licenses the repertoire of Warner Recorded Music and Warner Chappell Music to TikTok, TikTok Music, CapCut, and TikTok's Commercial Music Library.

The deal will expand the level of partnership, collaboration, and innovation between the two companies. It will create new revenue, marketing, and insights opportunities for WMG's artists and songwriters, while deepening the engagement with TikTok's huge audience of passionate music fans.

As part of the deal, WMG and TikTok will find new ways to harness TikTok's revenue generation and promotional capabilities, as well as a wealth of insights. In addition, artists and songwriters will have access to new ways of working with TikTok's vibrant brand partners, as well as to new fandom development and monetization features, like merchandise, ticketing, and digital goods and services, among other opportunities. Further, the deal will see the joint development of additional and alternative economic models.

Additionally, the companies have agreed to a licensing deal for TikTok Music, the premium subscription streaming service that recently launched in Indonesia and Brazil, with plans for further growth in other markets.

The deal also paves the way for WMG artists and songwriters to leverage the unique promotional capabilities and engage with the growing community of users on TikTok's sister video-editing app, CapCut.

Robert Kyncl, CEO, WMG said: "We are happy and excited for our next chapter together with TikTok. Through this expanded and significantly improved partnership for both companies, we can jointly deliver greater value to WMG's artists and songwriters and TikTok's users."

Shou Chew, CEO of TikTok, said: "We are very excited to partner with Warner Music Group to create a shared vision for the future in which artists, songwriters, music fans, and the industry can all benefit from the power of discovery on TikTok platforms."

Download hi-res logos here.

About Warner Music Group
With a legacy extending back over 200 years, Warner Music Group (WMG) today brings together artists, songwriters, and entrepreneurs that are moving entertainment culture across the globe. Operating in more than 70 countries through a network of affiliates and licensees, WMG's Recorded Music division includes renowned labels such as 300 Entertainment, Asylum, Atlantic, Big Beat, Canvasback, Elektra, Erato, First Night, Fueled by Ramen, Nonesuch, Parlophone, Reprise, Rhino, Roadrunner, Sire, Spinnin', Warner Records, Warner Classics, and Warner Music Nashville. WMG's music publishing arm, Warner Chappell Music, has a catalog of over one million copyrights spanning every musical genre, from the standards of the Great American Songbook to the biggest hits of the 21st century. Warner Music Group is also home to ADA, the independent artist and label services company – as well as next gen artist services division WMX, which includes consumer brands such as Songkick, the live music app; EMP, the merchandise e-tailer; UPROXX, the youth culture destination; and HipHopDX, the hip-hop music news site. In addition, WMG counts storytelling powerhouse Warner Music Entertainment and social media content creator IMGN among its many brands. Follow WMG on Instagram, Twitter, LinkedIn, and Facebook.

About TikTok
TikTok is the leading destination for short-form mobile video. Our mission is to inspire creativity and bring joy. TikTok's global headquarters are in Los Angeles and Singapore, and its offices include New York, London, Dublin, Paris, Berlin, Dubai, Jakarta, Seoul, and Tokyo.