Why Warner Media Group Rose 25.1% in December
Shares of Warner Media Group (NASDAQ: WMG) rose 25.1% in December, according to data provided by S&P Global Market Intelligence. Although the company didn't report any financial results during the month, Warner inked a deal with red-hot social media app TikTok, sending shares higher.
Image source: Getty Images.
Although lots of people are now streaming music in quarantine, Warner Media Group had a rough go of it in 2020 due to limited new music releases as well as a decline in artist services from in-person performances. As such, it's no surprise that Warner would look for ways to monetize the use of its music in short-form social media videos used on platforms like TikTok, where a great proportion of youths' eyeballs -- or earlobes -- is going.
Source Fool.com
