Wake me up when record labels and media companies learn how to build marketing platforms, besides extracting feudal rents from others who do the job they should be doing.

#Music #UMG #SocialMedia #TikTok #Copyright #IP: "Universal Music is set to pull its millions of songs from TikTok after a breakdown in talks over payments.

The move would mean the social media platform would no longer have access to songs by artists including Taylor Swift, The Weeknd and Drake.

Universal accused TikTok of "bullying" and said it wanted to pay a "fraction" of the rate other social media sites do for access to its vast catalogue.

TikTok said Universal was presenting a "false narrative and rhetoric".

Music companies earn royalty payments when their songs are played on streaming and social media platforms.

Although TikTok - which is owned by Chinese company ByteDance - has more than one billion users, it accounts for just 1% of Universal's total revenue, the label said."

https://www.bbc.com/news/business-68150311