Snapchat is clearly feeling pressure from competitors like Facebook-owned Instagram and ByteDance-owned TikTok.
The social media platform is reportedly in talks with Universal Music Group, Sony Music and Warner Music Group to secure the rights to allow its users to add the companies’ music to their posts.
According to a report in the Wall Street Journal published today (May 24), citing people familiar with the matter, Snap Inc. “is in talks with major record labels to expand the ways users can include music in posts on its flagship Snapchat app”.
The WSJ says that its sources have suggested that negotiations have “intensified in recent weeks” and might not even result in the signing of any deals.
If the licenses are obtained by Snap, it would mean that the company could integrate music capabilities with the likes of its flagship ‘disappearing’ messages.
The deals would not let the company create a rival music streaming service like Spotify however, or like what TikTok owner ByteDance is planning to launch later this year.
A former Snap employee told the WSJ that “for social-media apps, music content is a necessity at this point”.
Facebook now has music licences in 40 countries, and inked deals with some of the leading music rightsholders in India in March for their music to be used in the likes of videos, messages and stories on the platform as well on as Facebook-owned Instagram.
The company also expanded its music offering for users and for artists in October with Music on Facebook Stories, and an expanded Lip Sync Live.Music Business Worldwide