Snapchat is negotiating new music rights deals with various major music labels which would enable Snapchat users to add popular music tracks to their snaps. It looks like Snapchat is feeling the pinch of TikTok’s growth in terms of market share. TikTok is rapidly becoming the go-to social media platform for today’s youth.
As we know, TikTok (the app which replaced Musical.ly) already enables its users to add music and songs to their videos. Recently, Facebook has been negotiating deals with various music labels to allow them to use music tracks in a variety of different ways.
According to Variety,
“[Snapchat] has been in negotiations with music companies including the big three – Sony Music Entertainment, Universal Music Group and Warner Music Group – to license song catalogs for the Snapchat app, according to two industry sources familiar with the talks.”
Snapchat is not looking to become a music streaming service like Spotify or Apple Music. They are only looking to add music sharing options for users creating snaps. As mentioned, this move is coming in response to the TikTok’s growing market share. Recently, Snapchat saw a rise in app usage and gained attention when it released the gender swap and baby lenses.
It makes sense for Snapchat to diversify its offerings in the light of the current scenario with both Facebook and TikTok making a series of moves. Addition of music tools seems like a logical step for Snapchat to match its competitors. As of now, it is unclear how Snapchat will utilize the music snippets. It is likely we will see some creative music tools and options being added to the platform in the near future.
On the other hand, if Snapchat ignores the situation with TikTok’s growth, it may soon become a major concern. It is an interesting situation to analyze. Facebook has been trying to curb Snapchat’s growth. Now, Snapchat is attempting to do the same to TikTok. The success of this endeavour depends on how Snapchat uses the new music rights deals it manages to finalize.