Facebook is looking to continue to build its empire and expand its vast reach within the online world by getting its hands on the music/video streaming industry. Though YouTube has been the main source online for music and videos for years as numerous users use it to upload their own materials, they may have a new competitor on their hands, as Facebook may be working on deals that could “govern user-generated videos that include songs.”
The social media platform does not have any current deals with record labels or publishers for revenue streamed on their platform, though the site already has artists post their own material to their own pages. Ultimately this actually means that the artists whose music is going viral are actually losing revenue, so there’s hopes that with this movement, that will change.
In a step towards this direction, Facebook has hired Tamara Hrivnak to lead global music strategy. She is the former VP of digital strategy & business affairs at Warner/Chapell, the publishing company of Warner Music Group. Hrivnak will be working closely with Facebook, as connecting the world of music and social media in a legal deal will be not easy.
We’ll be keeping an eye on what comes next for Facebook on this front.
H/T Bloomberg