Universal Music Teams Up With the Video-Sharing App Lomotif
Vivendi’s Universal Music has signed a license agreement with Singapore-based video sharing app Lomotif. This is because major music companies see social media as an up-and-coming source of income.
he deal gives Lomotif users access to thousands of songs from Universal Music artists such as Taylor Swift, Drake, and Olivia Rodrigo for use in video clips. Lomotif, a small rival of TikTok, encourages users to “turn their favorite moments into music videos” using editing tools to create short clips soundtracked to songs.
The financial terms have not been disclosed. These license agreements typically last for about two years, and companies agree to pay record labels a fixed share of their total revenue in exchange for access to their song catalogs.
