UMG rises after media report TikTok's parent explores music streaming expansion

Deezer SA

13/10/2022 08:54

** Shares in Universal Music Group (UMG)  UMG.AS  rise 3.5%
after a Wall Street Journal report of TikTok parent ByteDance
starting talks with labels to expand its music streaming service
globally and compete with the likes of Spotify  SPOT.N  
    ** UMG shares top the Dutch blue-chip AEX index  .AEX 
(-0.6%)
    ** "If launched, (it would) provide another source of
revenue for UMG and improve balance of power for labels vs DSPs
(digital service providers)," Credit Suisse says, seeing the
news as positive
    ** China's ByteDance wants to expand its music streaming
service Resso, currently only available in the likes of India,
Indonesia and Brazil, WSJ reports, citing sources, adding TikTok
parent plans to eventually integrate music streaming within its
short-video service
    ** ByteDance did not immediately respond to a Reuters
request for comment
    ** On Wednesday, shares in peer Warner Music Group Corp
 WMG.O  closed around 4% up on Wall Street, at $23.67
 (Reporting by Olivier Sorgho)
 ((Olivier.Sorgho@thomsonreuters.com))