U.S. Markets closed

An Improved Music Experience May Be Coming To Snapchat

Tanzeel Akhtar

Snap Inc. (NYSE: SNAP) is in talks with major record labels to expand the ways users can include music in posts on its Snapchat app, according to The Wall Street Journal

Snap shares were trading up by 4.23 percent at $11.59 at the time of publication Friday. 

Snapchat faces stiff competition on the music front from a number of social media apps such as Facebook Inc. (NASDAQ: FB)'s Instagram and ByteDance Ltd.'s TikTok improving offerings.

Snap has secured case-by-case licenses to use individual artists' music on its platform and it is now seeking broad rights to the catalogs of Vivendi SA's Universal Music Group, Sony Corp.'s Sony Music Entertainment and Access Industries Inc.'s Warner Music Group, WSJ said. 

The licenses wouldn't let Snap create an on-demand music service like Spotify Technology SA (NYSE: SPOT) or Apple Inc. (NASDAQ: AAPL)'s Apple Music

These deals are not yet in place.

Related Links: 

Make A Platform Push With This New ETF

Troubling User Growth, Rising Costs: Analysts Dissect Snap's Mixed Q1 Earnings

See more from Benzinga

© 2019 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.