Facebook keen to acquire licensed music videos, compete with YouTube

Facebook has speeded up its efforts to strike a deal with music labels and publishers to acquire licenses for music videos on its site, a Bloomberg article said, citing interviews within the industry.

Already millions of videos are shared daily on the social media site, with viewers growing by the day. However, industry professionals say the site could face the same issue as YouTube—regulation of content to ensure no infringement of copyrights.

According to the article, Facebook already has lots of music video clips for which artists don’t get royalty.

“To be successful, it will not only need to envision a great music experience but also have to navigate the web of label and publisher rights and relations. No small feat,’’ Bloomberg quoted music industry consultant Vickie Nauman as saying.

The article also noted that deals with Facebook could significantly boost sales for music industry and labels billions.

Reports of the social media giant’s attempts to foray into the industry have been doing rounds since quite some time. Only early this month, it hired Tamara Hrivnak, who was among key music executives at YouTube, to Lead Global Music Strategy.