Universal Music Group Songs Disappear from TikTok as Licensing Agreement Expires
Songs from artists signed to Universal Music Group, like Taylor Swift and Drake, started disappearing from TikTok after the licensing agreement between UMG and TikTok-owner ByteDance expired on February 1st. UMG accused TikTok of bullying and only offering to pay artists a fraction of what other platforms pay. TikTok responded by saying UMG is putting its "own greed above the interests of their artists". A UMG spokesperson confirmed to CNBC that since the deal expired, "TikTok is now removing the audio". TikTok has not yet commented on the situation.
Transcript
00:00 It's Benzinga and here's what's on the block.
00:02 Songs from artists signed to Universal Music Group like Taylor Swift and Drake started
00:06 disappearing from TikTok after the licensing agreement between UMG and TikTok owner,
00:11 ByteDance, expired on February 1st. UMG accused TikTok of bullying and only offering to pay
00:16 artists a fraction of what other platforms pay. TikTok responded by saying UMG is putting its
00:21 own greed above the interests of their artists. A UMG spokesperson confirmed to CNBC that since
00:27 the deal expired TikTok is now removing the audio. TikTok has not yet commented on the situation.
00:33 For all things money visit Benzinga.com