Snap shares climb on WSJ report
Snap Inc. shares rose 2.7% in premarket trade Friday, after a report that the Snapchat parent is in talks with record labels on expanding the ways its users can include music in posts.
Wall Street Journal says that Snapchat owner is in talk with major music labels to expand it’s business
Stocks impacted: Snap Inc (SNAP)
The Wall Street Journal, citing people familiar with the matter, said the move comes amid competitive pressure from Facebook Inc.'s Instagram and TikTok. Snap already has case-by-case licenses to use individual artist's music, but is now seeking to access the catalogs of the big music labels, including Vivendi, Universal Music Group, Sony Corp.'s Sony Music Entertainment and Access Industrie's Warner Music Group, the paper reproted.
Snap shares have gained 4.9% in the last 12 months, while the S&P 500 has gained 3.5%.
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