Tips Industries, Facebook Ink Licensing Deal
Music record label Tips Industries Ltd. on Monday announced a global deal with social media giant Facebook to license its music for videos and other social experiences across Facebook and Instagram.
"It has been a big and significant year for Tips music, as the company signs another global deal with the biggest social media platform in the world Facebook to license its music for videos and other social experiences across Facebook and Instagram," Tips Industries said in a statement.
With the move, Facebook and Instagram users will be able to add Tips' music catalogue to their posts and stories, the statement added.
Tips Industries chairman and managing director Kumar Taurani said the deal with Facebook will allow millions of Facebook and Instagram users across the world to add Tips' music to their stories and videos.
Manish Chopra, Director & Head of Partnerships, Facebook India, said "we are committed to building an ecosystem that enables music video experiences, as it spurs connection and expression on Facebook and Instagram. We continue to grow our music library and this partnership with TIPS Music strengthens our music offering by bringing the very best of the 90s."
Earlier this year, Saregama India Ltd. had announced a global deal with Facebook Inc. to license its music for video and other social experiences across Facebook and Instagram.
Shares of Tips Industries rose as much as 20% post deal in its biggest single-day gain since November 2019.