Popular social media network company Facebook has made a licensing deal with a major music label Universal Music Group (UMG) which will allow users across the world to post and share music on the social media network.
This deal with Universal Music Group (UMG) has been signed on the backdrop of the copyright issues raised by unauthorised use of its artists’ material.
Both the companies also informed that they are working on new music products together. It shows that Facebook is taking every efforts to challenge its rival YouTube.
When asked for a comment on the deal, UMG said the deal is unprecedented. Though, it denied to reveal the terms. Companies said soon users will be able to access a vast library of music in time.
Universal has artists like Taylor Swift and Jay-Z with the company.
UMG’s EVP of digital strategy, Michael Nash said, together, Facebook and UMG are creating a dynamic new model for a unique collaboration between music companies and social platforms. It will surely boost the interests of artists and will enhance their fan’s social experience of music.
This licensing deal signed includes Facebook, Instagram and Oculus.