Common Music, Meta increase music licensing settlement By Reuters

(Reuters) – Frequent Music Group (AS:), the world’s best music label, launched on Monday an expanded settlement with Fb-parent Meta Platforms (NASDAQ:) to create new options for its artists and songwriters all through Meta’s social platforms.

“UMG was the first primary music agency to license Fb once more in 2017 and this new settlement will extra improve the possibilities for music all through the meta ecosystem,” acknowledged the company that represents artists akin to Taylor Swift and Billie Eilish.

The settlement concerns all of Meta’s primary platforms, along with Fb, Instagram, Messenger and, for the first time, WhatsApp.

The renewed settlement moreover addresses the issue of compensation for artists and songwriters, UMG acknowledged.

In late July, the music label acknowledged it had ended a partnership with Meta for the streaming of premium music films. It acknowledged one in every of these product was a lot much less trendy with Fb’s individual base than completely different music merchandise.

The $54 billion group behind higher than a third of the market had reached a model new licensing settlement with TikTok in May, restoring its songs and artists to the social media platform.

Closing month, UMG’s shares shed higher than 23% in a single day after weaker than anticipated streaming and subscription revenues for the second quarter disillusioned merchants.