Universal Music Group and Lomotif enter into a Licensing agreement
One of the world’s leading music-based entertainment groups Universal Music Group (UMG) has entered into a licensing agreement with popular video sharing platform Lomotif. Through this deal, Lomotif would now have access to millions of songs that were earlier reserved under UMG’s catalog.
By signing this deal, UMG became the first major music company to globally license Lotomif, allowing its users to create videos using the songs from UMG’s music library. Users would now have access to global hits, which can be accessed on the app itself, no 3rd party download is needed. One can easily select the music to the clip of their choice.
Lomotif, allows its users to transform and edit their own personal videos into music videos and share them with their friends and family. There are currently more than 225 million installations of the Lomotif app globally in more than 200 countries and in more than 300 languages.
Paul Yang, CEO, and Founder, Lomotif, said, “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. With nearly 800 million videos created to date, we are heading in a great direction as a platform, and making high-value content, functionality, and features available to our community will only help us grow exponentially.”
Michael Nash, Executive Vice President of Digital Strategy, UMG, stated, “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 continues to broaden the creative and commercial opportunities for our artists by licensing an ever-expanding array of new digital platforms and supporting early-stage entrepreneurs. We look forward to working with Lomotif to help unlock even more innovative music-based features for their community.”
Lomotif is majority-owned and controlled by ZVV Media Partners, LLC, a joint venture of ZASH Global Media and Entertainment Corporation led by founder Ted Farnsworth.
“The significance of music in social content cannot be overstated and having a deal with Universal Music Group underscores the commitment we have to Lomotif users worldwide who are among the most creative, collaborative, and deeply engaged creators on the planet,” Farnsworth said
