Social media and technology have caused the media industry to scramble.
Television networks are struggling to keep up with the new forms of content online and through streaming platforms, while newspapers and digital media outlets have faced massive cuts as customers find alternative means to consumer news.
The music industry has also been affected by similar issues on the monetization from these outlets.
Another sign of the media struggle showed itself today as Universal Music decided to pull its songs from massive social media platform TikTok. That includes music from some of the top artists in the world like Taylor Swift, Drake, The Weeknd, and Bad Bunny.
That move is a massive blow for the social media app with over a billion users known for the use of many popular songs in the enhancement of its videos — from dance crazes to lip syncing.
Universal Music Group said in an open letter on Jan. 30 that its contract with TikTok expires on Jan. 31, 2024. In order to negotiate a new deal, the company is “pressing” the social media platform owned by China-based ByteDance on three issues: “appropriate compensation for our artists and songwriters, protecting human artists from the harmful effects of AI, and online safety for TikTok’s users.”
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“Ultimately TikTok is trying to build a music-based business, without paying fair value for the music,” the statement also read.
TikTok responded later on in the day on Tuesday with it’s own statement, accusing Universal of a “false narrative and rhetoric.”
“It is sad and disappointing that Universal Music Group has put their own greed above the interests of their artists and songwriters,” TikTok’s statement read. “TikTok has been able to reach ‘artist-first’ agreements with every other label and publisher. Clearly, Universal’s self-serving actions are not in the best interest of artists, songwriters and fans.”
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