Universal Music, Meta expand music licensing agreement

Quick Summary:

Universal Music Group (UMG), the world's biggest music label, announced on Monday an expanded agreement with Facebook-parent Meta Platforms to create new opportunities for its artists and songwriters across Meta's social platforms".

The renewed agreement also addresses the issue of compensation for artists and songwriters, UMG said.

Last month, UMG's shares shed more than 23 per cent in a single day after weaker than expected streaming and subscription revenues for the second quarter disappointed investors.

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Article Details

Category: EconomyBusiness

Markets: SingaporeSwitzerland

Topics: Universal Platforms Music Agreement Meta July Group Label (umg) Artists Facebook

Source Website Secure: Yes (HTTPS)

News Sentiment: Positive

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-08-12 @ 20:03:48 (9 hours ago)

News Timezone: GMT +8:00

News Source URL: channelnewsasia.com

Language: English

Article Length: 281 words

Reading Time: 2 minutes read

Sentences: 12 lines

Sentence Length: 24 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © Channel News Asia

News ID: 22032415

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Main Topics: EconomyBusiness

Official Website: channelnewsasia.com

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Year Established: 1999

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News Last Updated: 3 hours ago

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Publisher ID: #27

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