Warner signs deal with TikTok, millions of dollars on the way...

Warner Music Group has signed a deal with TikTok that will boost its fees for song rights and increase collaboration with the popular social-media app, Bloomberg reports. In the past year alone, major music companies have signed licensing agreements with Facebook, TikTok and Snap, creating a new, billion-dollar business. Warner alone now generates hundreds of millions of dollars a year from such deals, YouTube paid the music industry more than $3 billion in 2019, Facebook paid the music industry more than $600 million a year since 2017, and TikTok now is expected to be a big spender as one of the most popular apps in the world, boasting more than 600 million users.