An Improved Music Experience May Be Coming To Snapchat
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.
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