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Facebook and Universal Music Group signed an agreement that will allow Facebook users to upload copyrighted content belonging to one of the largest record labels in the world.
The deal is designed to attract advertisers to Facebook as the social media platform expands into video to compete with Youtube’s success with music videos. The same press release also stated that the agreement applies to Facebook Inc’s Messenger and Oculus services as well. The financial details of the agreement have not been disclosed.
What does this deal mean for Facebook’s competition with other social media groups and streaming services?