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UMG Says TikTok Is Not a ‘Material Part’ of Global Music Promotion
TikTok is not a "material part" of global music promotion, said Universal Music Group chairman/CEO Lucian Grainge.
UMG’s earnings call on Wednesday focused largely on TikTok during the the question and answer portion, as well as other core development for the company like its new deal with Chord Music Partners. While UMG has previously said TikTok only makes up about 1% of the company’s total revenue, chief digital officer and executive vp Michael Nash said he believes that’s not necessarily all a loss amid the negotiation standoff. Nash also said that UMG has been “providing notices to effectuate the muting of million of videos every day for the last two weeks” on TikTok to aid in the takedown process, which started earlier this month.
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