VIVHY - Can Snap's Universal Music Deal Help It Counter TikTok?
Snap (NYSE: SNAP) recently signed a new licensing deal with Universal Music Group (OTC: VIVHY) , the world's largest record label, to add its songs to Snapchat's library of Sounds and AR Lenses.
Snap previously partnered with UMG to promote its music videos and AR lenses, but the new deal will allow Snapchatters to directly integrate thousands of songs from UMG's own artists into their posts and messages. Users will also be able to share the full tracks from third-party streaming services.
This deal marks an expansion of Sounds, a feature for adding music to Snaps that was launched last October. That deal incorporated some licensed tracks from UMG, Sony (NYSE: SONY) Music Entertainment, and Warner Music Group. It also rolled out additional features -- including Search, Shortcuts, and Playlists -- to help Snapchatters quickly find the right Sounds for their videos.
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Can Snap's Universal Music Deal Help It Counter TikTok?