FACEBOOK SIGNS GLOBAL LICENSING DEAL WITH UNIVERSAL MUSIC GROUP

Facebook and Universal Music Group (UMG) today announced an ‘unprecedented global, multi-year agreement’ under which UMG licenses both its recorded music and publishing catalogs for video and other social experiences across Facebook, Instagram and VR platform Oculus. According to a press release: ‘The partnership will facilitate deeper engagement between artists and fans, empowering users to express themselves through music, share the songs they love and build communities around music-fueled culture. Enabling a variety of features across Facebook’s platforms, the agreement is intended to serve as a foundation for a strategic partnership roadmap that will deliver new music-based experiences online.