Snap rallies after music, Lenses agreement with Universal Music Group

Vivendi's Universal Music Group and Snap (SNAP) announced an agreement that will allow Snapchat's users to incorporate UMG's catalog of recorded music and content into creative tools, including Sounds and augmented reality Lenses. Under the terms of the innovative multi-year agreement, UMG's entire recorded music catalog is available on a global basis in Snapchat's Sounds tool, including Search and curated Playlists. UMG is additionally developing augmented reality music Lens content featuring the company's artists that will be regularly available in Snap's Lens Carousel and Lens Studio, with the opportunity to feature merchandise launches and e-commerce experiences. Shares of Snap are up 3%, or $1.72, to $68.09 in early trading.