Snapchat (NYSE:SNAP) could soon let users add music to posts due to competitive pressure from the likes of Bytedance’s TikTok, according to Wall Street Journal sources.
Snap has previously obtained rights to songs on an individual basis. The company is now in talks to acquire broader rights to music from Vivendi SA’s (OTCPK:VIVHY) Universal Music Group, Sony (NYSE:SNE) Music Entertainment, and Access Industries’ Warner Music Group.
The license rights wouldn’t let Snap create a streaming platform like Spotify, but could let users integrate music into the Snapchat social networking experience. Facebook secured similar broad licenses in late 2017.
Talks have intensified in recent weeks, but details could still change.
Snap shares are up 2.4% pre-market to $11.39.