Facebook has sealed partnership deals with music giants for the right to show music videos, according to sources close to management of the social networking site.
Sources who pleaded anonymity confirms that the deal is with the three largest music companies in the world; Universal Music Group, Sony Music Entertainment and Warner Music Group and an announcement is expected to be made soon.
Music videos are one of the most popular genres on YouTube, and Facebook has long sought the legal rights to allow its billions of users to watch and share them on its platform.
Facebook had previously inked deals with rights holders in order to use the audio useful when people upload clips that include background music, for example, but didn’t have permission to show the official videos.
Facebook had in recent times approached some artists and music companies about acquiring exclusive rights to some music videos, even if just temporarily, sources said.
In some cases, Facebook has said it would be willing to pay the video production costs, and that it would promote the video on its service to increase viewership, they said.
Facebook has been looking for more ways to increase video consumption on its service, tapping into a promising market.
Video advertising is often more lucrative than other types of ads, and video-based rival TikTok, owned by China’s ByteDance, has been gaining users at a rapid clip.
At the same time, music video consumption has soared on YouTube during the coronavirus pandemic.