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Saturday, December 19, 2020

WARNER, TIKTOK AGREE TO NEW LICENSING DEAL

According to Bloomberg, Warner Music Group has secured a new licensing deal with TikTok. Unlike TikTok's previously announced short-term deals with the majors, the new pact covers recordings and publishing.

It shouldn't be a surprise that WMG is first among the majors to agree to new terms with ByteDance's TikTok; former WMG executives Ole Obermann and Tracy Gardner recently joined TikTok to oversee global music development.

Gardner's role at WMG was SVP, Global Business Development & Strategy. She now holds the title of Head of Label Licensing & Partnerships at TikTok. At WMG she reported to Obermann, who was Chief Digital Officer and EVP, Global Biz Dev & Strategy. He's now TikTok's Global Head of Music.

Warner Music's stock began to surge on Thursday following a recommendation by Morgan Stanley, as it forecasts major growth in the music sector from new revenue streams like TikTok, Peleton and gaming.

Meanwhile, just yesterday (12/18), Tencent acquired an additional 10% equity in UMG. In related news, Spotify's stock continues to thrive.

TAGS: Warner Music Group | TikTok | ByteDance | UMG | Tencent | Spotify | Morgan Stanley
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