UMG just became the first major music company to globally license its catalog to Lomotif, a TikTok rival app founded in Singapore.
. Since its founding in 2014, Lomotif has collected more than 225 million installations across the globe, from Asia to South America to the U.S., according to a press release.
"We are very pleased that Lomotif’s fast-growing community of users around the world will be able to take inspiration from the artists and music they love, all while ensuring UMG’s artists are fairly compensated for the value music generates on Lomotif’s platform," UMG executive vp of digital strategysaid.
The app enters an increasingly competitive market for short-form video content. While the space has long been led by TikTok, competitors include YouTube's Shorts, Snapchat's Spotlight, Instagram's Reels and Triller. "Our deal with Universal Music Group will continue to grow users and increase engagement within our platform, a destination for emerging artists, and will significantly expand the types of music our community can utilize, collaborate with and share," Lomotif founder/CEOsaid.
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