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Facebook puts toe in music streaming video with UMG deal

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In what's been quite the long-time coming for the social network, Facebook has signed its first-ever deal for music rights with a record label. "We are excited to bring that to life on Facebook, Instagram, Oculus, and Messenger in partnership with Universal Music Group", said Tamar Hrivnak, Facebook's head of music business development and partnerships.

Universal - home to some of the biggest names in music from The Beatles to Elton John and Lady Gaga - billed the agreement as its latest success in securing more revenue from songs in an age of round-the-clock Internet sharing. Under the accord, Facebook users will be able to upload Universal's songs and share music through Facebook, Instagram and Oculus virtual-reality technology, the firms said Thursday in a statement. In time, functionality will expand to enable access to a vast library of music across a series of social features.

"This partnership is an important first step demonstrating that innovation and fair compensation for music creators are mutually reinforcing - they thrive together".

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Terms of the agreement have not been disclosed, but it will span multiple years, changing the way consumers experience social media, and affecting how the music industry and artists will use social media to capitalize on their product. That has obvious benefits for Facebook, as well (but to spell it out - Facebook wants to do anything it can to encourage people to make and share content on its services.).

YouTube, a division of Alphabet Inc.'s Google, is the world's largest destination for online video and sells music-streaming subscriptions. YouTube still hopes to enter talks with video-hosting service Vevo to include its music videos on Remix.

YouTube is on its way to launch its new paid music service which will be out by March next year.

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