Both ICE and TikTok issued the same statement to Music Week, after the two sides agreed to talk terms.
'ICE and TikTok have agreed to enter into an arbitration to resolve the terms for the licensing of the TikTok platform in respect of the musical works ICE represents,' read the statement. 'The arbitration decision will be applied retrospectively to cover previous use on the platform (including its predecessor, musical.ly). Further announcements will follow.'
Back in July, TikTok asked the UK’s Copyright Tribunal to step in to resolve the licensing dispute with ICE – the joint venture between PRS for Music, STIM and GEMA.
In a statement statement released at the time, ICE said: ‘We can confirm that this matter has been referred to the UK Copyright Tribunal.
‘Organisations that use and benefit from music must take out a licence in order to do so. We look forward to representing our rightsholders’ interests and securing appropriate value for the vast scale of usage of their repertoire on the platform.
‘Our aim is that by following this legal process TikTok will agree a licence that fairly reflects the value of our rightsholders music.’
TikTok has 500 million users worldwide and allows them to create, share and view 15-second videos, many of which contain music.
Meanwhile, ICE offers a suite of services for publishers, collective management organisations and rightsholders, including copyright administration, multi-territorial online processing and licensing solutions for digital service providers.
Since its inception in 2016, ICE has processed trillions of online music uses from streaming services and paid over €930m (£828m) back to rightsholders.