Record labels ask TikTok for increased ad revenue, royalties, Bloomberg reports

Universal Music Group (UMGNF), Sony Music Entertainment (SONY), and Warner Music Group (WMG) have asked TikTok to share more of its advertising revenue and increase royalties it pays for the rights to its music, Olivia Solon, Lucas Shaw, and Giles Turner of Bloomberg reports, citing people familiar with the talks. The companies have been negotiating a deal all year and are trying to finalize one deal before their contracts expire within the next few months, Bloomberg’s sources added. Music companies want TikTok to share more of the money it makes, compensating them with a cut of its advertising sales based off of the number of plays their artists get. Reference Link