Sci-tech

Facebook Offer $100m+ For Legal Music Rights

Facebook Offer $100m+ For Legal Music Rights

Facebook (FB -0.8%) has gone to the music industry with hundreds of millions of dollars in hand to secure song rights, Bloomberg reports.

The announcement comes on the back of Facebook's recent news which unveiled "Watch", a video hub which will include a suite of original series.

Mark Zuckerberg, Facebook's CEO, told investors on the company's second quarter earnings call that video is becoming increasingly important to Facebook, and said that it will overtake text and photo sharing on the platform in the future. Facebook is attempting to attract billions of dollars in additional advertising revenue and challenge YouTube as the largest site for advertising-supported video on the web. If videos are going to have infringed music anyway, this will ensure payment for materials used. However, the system will take over two years to complete, which reportedly is too much time for either party to wait. It will also enable Watch videos to contain popular songs during its ever-critical rollout period. Also a former executive at Warner/Chappell Music Publishing, Hrivnak is well-liked by her former peers. The company is in a war with YouTube for video supremacy and as a result, it pushes video content into the News Feed far more often than normal posts.

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Offering the music industry mega-bucks advances will likely speed things up, in that it could secure Facebook short-term suck-it-and-see licences from the record companies, music publishers and collecting societies, that will allow the music to play across the social network while it works out the technicalities, legalities and commercial realities of Rights Manager long term.

Music owners have reportedly been in discussions with Facebook about a potential solution. But which Avril Lavigne track should I use to soundtrack it?


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