TikTok and Universal announce “new chapter” with music to return to streaming under new agreement
TikTok and Universal Music Group (UMG) have announced that they have come to a new licensing agreement.Today (May 2), the social media platform and music label issued a press release announcing the new agreement. It comes after TikTok’s and UMG’s previous agreement expired in late January, with the latter withdrawing its artists’ music from the platform as a result of both parties’ inability to work out a new deal.In late January, UMG claimed that “TikTok proposed paying our artists and songwriters at a rate that is a fraction of the rate that similarly situated major social platforms pay”, which it says accounts for one per cent of its revenue.Now, however, UMG’s new agreement with TikTok will reportedly “deliver improved remuneration for UMG’s songwriters and artists, new promotional and engagement opportunities for their recordings and songs and industry-leading protections with respect to generative AI”, per a press release.Lucian Grainge, Chairman and CEO of UMG, said of their new partnership: “This new chapter in our relationship with TikTok focuses on the value of music, the primacy of human artistry and the welfare of the creative community.