Facebook has taken its first step in competing with other music rivals such as YouTube by today signing a multimillion deal with Universal Music Group (UMG). The deal allows Facebook users the opportunity to share and listen music without breaching copyright laws. The deal was also extended to Messenger, Instagram and Oculus Rift. While the deal was initially signed to prevent copyright infringement, it may possibly allow users to also gain access to a compilation of music across different genres in the future.
Facebook’s plan is to create a unique social feature for music once users upload them from Universal Music, creating personalized experiences through interaction with musicians. This deal seeks to create a dynamic relationship between the music industry and social media platforms while also advancing the interest of artists, entertainers and songwriters.
Before this deal, Facebook was forced on multiple occasions by Universal Music to remove various posts including covers of popular songs. Chairman and CEO of Universal Music Group, Lucian Grainge, sees this described the deal as flexible as it offers a balance between how music is offered to the public and how artists are compensated.
This is just another step by the social media giant to revamp and improve its services to its users. I am positive this will be well received by users and could possibly increase the stock price for Facebook in the coming months. The company is currently trading at $177.45.
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