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.
These deals are not yet in place.
Make A Platform Push With This New ETF
Troubling User Growth, Rising Costs: Analysts Dissect Snap's Mixed Q1 Earnings
See more from Benzinga
- Foot Locker Stumbles On Q1 Miss
- UK PM Theresa May To Step Down After Brexit Logjam, Says Post Was 'Honor Of My Life'
- Report: Boeing 737 MAX Jets Need 100-150 Hours Prep Before Flight
© 2019 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.