Sources: UMG, Sony, and Warner have been negotiating with ByteDance for a share of TikTok ad revenue and increased royalties before their contracts expire (Bloomberg)

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Bloomberg:
Sources: UMG, Sony, and Warner have been negotiating with ByteDance for a share of TikTok ad revenue and increased royalties before their contracts expire  —  TikTok has attracted more than 1 billion users with videos set to music.  Now the world's largest record labels want the social media app to pay more for those songs.

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