- Snap Inc SNAP Snapchat inked new music licensing deals to expand its Sounds library.
- The partners included UnitedMasters (US), BUMA/STEMRA (Netherlands), and SUISA Digital Licensing AG, which consists of the repertoire of SUISA (Switzerland), AKKA/LAA (Latvia), Albautor (Albania), Armauthor (Armenia), Autodia (Greece), COMP (Pakistan), EAÜ (Estonia), GCA (Georgia), LATGA (Lithuania), SOZA (Slovakia), Abramus Digital (Brazil), Soundreef (Italy), and multiple direct-licensing publishers.
- Also Read: Industry Checks Confirm: Snap Is Regaining Competitive Edge, Analyst Says
- With over 375 million daily active users, Snapchat Sounds offer a powerful distribution tool for artists and creators to share their music globally.
- Snap said emerging artists working with UnitedMasters would be eligible for grants through the Sounds Creator Fund. Snap started this program last year in partnership with DistroKit to award up to $100,000 per month (or $5,000 to 20 songs per month to upcoming musicians.), TechCrunch reports.
- Snap first debuted the Sounds product in 2020 in response to TikTok becoming a hotbed for music discovery.
- Snapchat currently has deals with major and independent record labels and music publishers around the globe, including Universal Music Group, Universal Music Publishing Group, Sony Music Entertainment, Sony Music Publishing, Warner Music Group, Warner Chappell, Kobalt, DistroKid, BMG, NMPA publisher members, Merlin, Empire Distribution, and over 9000 independent music publishers and labels.
- Price Action: SNAP shares traded higher by 0.19% at $10.64 on the last check Thursday.
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