Facebook and Universal just cut a huge music licensing deal
22 December, 2017, 00:38 | Author: Cecelia Webb
Universal Music Group and social media giant Facebook have signed a global licensing arrangement that will make the publisher's music catalogs available for video and "social experiences", across Facebook, Instagram and Facebook's virtual reality company Oculus.
Facebook (NASDAQ:FB) and Universal Music Group (OTCPK:VIVHY) have signed a license agreement to bring the former's music to the social networking site and its properties.
Facebook and record label Universal Music Group have signed a multiyear deal that will let Facebook users share videos that have the label's music in them.
A senior executive at Universal Music Group called the agreement, whose financial details were not disclosed, a "dynamic new model" for the relationship between the music industry and social media platforms.
The two companies, in a joint statement, said they were developing more personalized functions in a bid to "develop the next generation of music products that best engage social consumers".
Facebook declined to comment about its music strategy beyond the press release.
"We look forward to Facebook becoming a significant contributor to a healthy ecosystem for music that will benefit artists, fans and all those who invest in bringing great music to the world", he added. Additionally, ad-supported streaming services like YouTube and SoundCloud paid millions of dollars less than subscription platforms like Spotify did in 2016, according to Digital Music News.
Facebook is trying to get people to watch and share more videos.
The deal marks an important milestone in the social company's ambitions to compete with Google's YouTube, now the most popular destination online for listening to music. The other major record labels are close to cutting similar deals with Facebook, sources told Billboard. Facebook's aggressive push into video has intensified competition with YouTube.
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