Today’s big news: Universal Music Group and TikTok, by way of a joint announcement, have confirmed that they have struck a new licensing deal – three months after UMG pulled its recordings catalog from the service. What does this new deal mean for UMG and its artists and songwriters? Standout headline: More money. Reminder: according to Universal, TikTok’s royalty payouts to UMG prior to this new deal constituted just 1% of UMG’s total revenues.
