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Snapchat in talks with major music labels to include music in posts

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Snapchat is in discussions with major record labels to expand the ways users can include music in their posts.
The company is facing competitive pressure from Facebook Inc.’s Instagram and ByteDance Ltd.’s TikTok.

The company has been in negotiations with music companies including the big three, Sony Music Entertainment, Universal Music Group, and Warner Music Group to license song catalogs for the Snapchat app, according to two industry sources familiar with the talks, confirming a Wall Street Journal report.

The licensing rights would be limited to songs embedded in users’ posts on the social messaging and media app.

The app already has a pact with SiriusXM’s Pandora, which lets Pandora Premium subscribers share their favorite songs, albums, stations, and playlists via Snapchat. Any app user in the U.S. who receives the Pandora “music card” has direct access to Pandora’s entire music library. Snap also has a pact with Apple-owned Shazam, under which Snapchat users can ID a song by pressing and holding on the camera screen.

In addition, Snap has done deals with individual artists. For example, last summer Ariana Grande used Snapchat to sell merch for her album “Sweetener” with a custom selfie Lens, which featured a pastel tie-dye face mask and a snippet of her song “Breathin’.”

On Monday, ByteDance, the Chinese parent company of the video-app TikTok said that they will launch a paid music-streaming service in several emerging territories later this year.

Following the publication of the Wall Street Journal article, Snap shares have risen nearly 5%. The stock currently stands at $11.67, down from its opening price of $22.07 after launching its IPO two years ago.

 

 

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Abhishek Singh

Author: Abhishek Singh

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