Facebook is offering record labels and publishers a quick fix option which would allow its 2bn-plus users to start legally using music in their videos.
The social media giant is reportedly working with industry leaders to build a system which identifies and tags music copyright – but creating a thorough platform of this ilk could take up to two years.
In the interim, say Bloomberg sources, Facebook has offered music rights-holders “hundreds of millions of dollars” to permit its users to play with copyrighted tracks as soon as possible.
No solid figure is given by Bloomberg but think on this: last year, according to the IFPI, recorded music rights-holders received $553m from video streaming services.
If Facebook could near-double that figure, it may turn the heads of major music rights-holders even further away from YouTube.
However, if Facebook’s reported nine-figure bung is divided up on market share, you can expect the independent sector to have a thing or two to say about it.
Negotiations on Facebook’s side are being led by former Warner Music Group and YouTube exec Tamara Hrivnak, who joined Mark Zuckerberg’s company in January.
Facebook reportedly wants to get a blanket music licensing deal in place before the launch of Watch – its new hub for video – and as it rolls out plans to fund the production of original TV-style series.Music Business Worldwide