NVDA gained a massive 197% since our AI first added it in November - is it time to sell? 🤔Read more

UPDATE 2-Facebook, Universal Music strike multi-year licensing deal

Published 2017-12-21, 12:52 p/m
© Reuters.  UPDATE 2-Facebook, Universal Music strike multi-year licensing deal
GOOGL
-
WBD
-
META
-
GOOG
-

By Jessica Toonkel and Arjun Panchadar

Dec 21 (Reuters) - Facebook Inc FB.O and Universal Music Group on Thursday announced a global agreement that will enable users to upload videos featuring music from Universal's library across the social media network as well as Instagram and Oculus.

Through the agreement, which is Facebook's first with a major record label, the social media company will no longer have to require users to take down videos featuring music from Universal's catalog due to copyright infringement. Terms of the deal were not disclosed.

Facebook's deal with Universal Music Group comes as the world's largest social media site is making a big push into video to keep users on its site and attract advertisers.

Earlier this year it launched its Watch video service, which features shows from the likes of Buzzfeed, Discovery Communications DISCA.O as well as some sports like Major League Baseball.

The partnership comes days after Bloomberg reported that YouTube had signed a long-term agreement with Universal Music Group and Sony Music Entertainment. (https://bloom.bg/2yYCYPs)

The licensing deal could help Facebook better compete with Alphabet Inc's GOOGL.O YouTube since music videos are the most popular category on the site, said Brian Wieser, an analyst at Pivotal Research.

"With this deal, Facebook has licensed content from the biggest player in the biggest genre of video on YouTube," he said.

The multi-year agreement with Universal will be expanded to include Facebook Messenger, Universal said.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.