Facebook Reaches Deal to Begin Streaming Music Videos: Bloomberg
Music videos are finally coming to Facebook.
Facebook has completed deals with three large music companies for the right to stream music videos on its social media platform in the US, Bloomberg reported late Thursday.
Starting this weekend, users will be able to watch videos from some of their favorite artists across genres. For that, the company has patterned with some major record labels including Sony Music, Universal Music Group, Warner Music Group, Merlin, BMG, and Kobalt, as well as many across the independent music community, and publishers.
Universal as a group is home to Taylor Swift, Lady Gaga and Rihanna, among others, while Sony’s big names include Beyonce, Mariah Carey, and Alicia Keyes. All three boast a host of back catalogues
Facebook had already tested out official music videos in India and Thailand through partnerships with local labels. Those partnerships also helped the platform with music for certain Facebook and Instagram features.
These deals would certainly boost Facebook Watch and potentially give it an edge over YouTube, which has long dominated the music video space.
Facebook CEO Mark Zuckerberg said during the company’s earnings call yesterday that the platform is trying to expand into video features so as to build a “community” of fans. He added that it’s “something that is just a lot harder to do on a YouTube or a Twitch or other products like that,” Bloomberg notes.
Facebook has reportedly entered into partnerships for rights to use audio before, but has never struck similar deals for video. Video advertising is said to be a lot more profitable than other forms.