Get 40% Off
🚨 Volatile Markets? Find Hidden Gems for Serious Outperformance
Find Stocks Now

Warner Music Group Corp. shares gain after announcing 'wide-ranging' partnership with TikTok

Published 18/07/2023, 15:54
© Reuters.

Warner Music Group Corp. (NASDAQ:WMG) shares gained 2.6% Tuesday following news that it has partnered with TikTok in a "wide-ranging, first-of-its-kind" deal.

The partnership is said to benefit artists and songwriters, and TikTok's billion-plus users, licensing the repertoire of Warner Recorded Music and Warner Chappell Music to TikTok, TikTok Music, CapCut, and TikTok's Commercial Music Library.

The multi-year, multi-product deal will expand the level of cooperation between the two companies, with WMG stating it will create new revenue, marketing, and insight opportunities for WMG's artists and songwriters.

Furthermore, the companies agreed to a licensing deal for TikTok Music, the subscription streaming service that the social media company recently launched in Indonesia and Brazil.

"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," said Robert Kyncl, WMG's CEO.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.