YouTube's new deals could bolster its music streaming service

22 December, 2017, 01:24 | Author: Yolanda Murray
  • YouTube's new deals could bolster its music streaming service

Facebook has agreed to a multi-year licensing agreement with Universal Music Group to allow its users to upload music in their videos.

The two companies, in a joint statement, said they were developing more personalized functions in a bid to "develop the next generation of music products that best engage social consumers".

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Both parties heralded the global deal as "unprecedented", where UMG's recorded music and publishing catalogues for video are approved for use across Facebook, Instagram and Oculus. Users can easily opt to watch music videos on YouTube for free, potentially making it more hard to convert some of its users into paying Remix subscribers. While Universal was first, according to Variety, Warner Music may be next to sign on.

"There is a magnetic relationship between music and community building".

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Michael Nash, executive VP of digital strategy for Universal Music, stated the new deal was "an important first step demonstrating that innovation and fair compensation for music creators are mutually reinforcing". Based on the partnership announced between the music group and YouTube, it sounds as though this agreement is a method to curb financial losses and the new products are a byproduct. The service will include on-demand music streaming - similar to Spotify - and offer video clips.

"With this deal, Facebook has licensed content from the biggest player in the biggest genre of video on YouTube", he said. "We look forward to Facebook becoming a significant contributor to a healthy ecosystem' for music that will benefit artists, fans and all those who invest in bringing great music to the world". We are excited to bring that to life on Facebook, Instagram, Oculus and Messenger in partnership with UMG.

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YouTube is on its way to launch its new paid music service which will be out by March next year. In November 2015, Facebook hit 8 billion average daily video views, double the figure reported just seven months earlier.

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