Chinese video-sharing social networking service- TikTok has reportedly inked a global licensing deal with leading American music corporation- Universal Music Group. Apparently, the ByteDance- owned video app struck a similar agreement with Sony Music in November and Warner Music Group in December. For the record, the announcement was made few days after Universal pulled its catalog from TikTokâ€™s competitor, Triller, with the company accusing the platform of withholding the payments to its artists. As per a statement by the company, this new global agreement between TikTok and Universal Music Group offers equitable compensation to recording artists and songwriters and considerably expands and improves the firmâ€™s prevailing relationships. Notably, the deal covers recorded music by UMGâ€™s artists and songwriters working with the Universal Music Publishing Group. Both TikTok and UMG have pledged to experiment with the new features available on the platform. Following which, TikTok users will be able to download clips for Universalâ€™s wide music catalog. According to Ole Obermann, Global Head of Music at TikTok, through the agreement, the companies will work towards reaching out to the music fans on the video-sharing social networking platform. Through the partnership with UMG and UMPG, TikTok will help source new talents. It is worth mentioning that, in the year 2020, TikTok signed deals with Paris-based Believe and Merlin along with Dutch Collecting Society Buma or Stemra and Pan-European licensing hub ICE. Citing reports, the China-based company published its first US Music report in December, in which it mentioned that more than 70 artists that broke on the platform in the past one year later signed major label deals. In addition to the above, TikTok also reported that nearly 176 songs crossed 1 billion video views as TikTok sounds in the year 2020. In July 2020, the ByteDance-owned service inked a deal with many music publishers through an agreement with the National Music Publishers Association in the U.S.