Failure in value negotiations should remove tracks by artists such as Harry Styles, Taylor Swift and Adele from the social platform
The group Universal Musicholder of the catalog of artists such as Taylor Swift, Adele It is Harry Stylesannounced this Tuesday (30) that it will no longer license its content to platforms TikTok It is TikTok Music.
The announcement, made in an open letter, follows the failure of negotiations between the Universal Music Group (A G) and TikTok for fair compensation to artists and composers.
According to UMG, TikTok would have proposed paying a fee that would correspond to just a “fraction of the fee” that other similar social media pay.
With the expiration of the contract, scheduled for this Wednesday, Universal would therefore no longer make its catalog available on the group’s platforms. According to UMG, revenue from TikTok would represent just 1% of the total collected by the company.
In the letter in which the announcement was made (via The globe) Universal also pointed out an attempt at intimidation by TikTok, so that the group would accept a value lower than the current contract, signed in February 2021, “far from the fair market value and not reflecting its exponential growth”.
In response, TikTok defined Universal’s accusations as “false.” He also said it would be “sad and disappointing that Universal Music Group has placed its greed above the interests of its artists.”
Source: Rollingstone
Earl Johnson is a music writer at Gossipify, known for his in-depth analysis and unique perspective on the industry. A graduate of USC with a degree in Music, he brings years of experience and passion to his writing. He covers the latest releases and trends, always on the lookout for the next big thing in music.