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Chief Executive of Warner Music Group (WMG), Robert Kyncl, alongside TikTok CEO, Shou Zi Chew, made a joint announcement that spots as a ‘breath of fresh air’ for dealings between music companies and ByteDance-owned app TikTok.
What does this mean?
In the press release issued earlier today, TikTok and Warner Music Group clarify that the new “multi-year, multi-product” deal will see WMG license Warner Recorded Music and Warner Chappelle Music to TikTok and TikTok Music, plus ByteDance-owned video editing platform CapCut, as well as TikTok’s Commercial Music Library.
The PR goes on to clarify that the new deal will enable “WMG and TikTok [to] find new ways to harness TikTok’s revenue generation and promotional capabilities”, as well as facilitating “new fandom development and monetization features, like merchandise, ticketing, and digital goods and services, among other opportunities”.
