Snap Scores Deal With Sony

Snap Inc SNAP struck a licensing deal with Sony Group Corp SONY Sony Music Entertainment, Variety reports.
Now the music of all three major labels or publishers and many indies is available on the platform. The partners include Universal Music Group, Warner Music Group, Universal Music Publishing Group, Warner Chappell, Kobalt, BMG, etc.
The financial terms of the transaction remain undisclosed.
Snap also added its popular Sounds on Snap, which lets users add song clips to Snaps and Stories into its AR Lenses.
In the coming weeks, Sound Lenses will be available with a pre-selected song embedded into the Lens.
The Lens transforms pictures of anyone to appear as if they are singing a song and Cameo Sound Lenses that apply visual effects to put users and a friend into animated music videos.
Price Action: SNAP shares traded higher by 5.90% at $56.86 on the last check Monday.