Facebook allegedly offering millions for music rights
Facebook is said to be offering major record labels and publishers hundreds of millions of dollars for music rights.
Video uploading has boomed and Facebook wants its users to be able to upload videos that contain songs, without it being flagged or removed.
Music rights owners have been negotiating with the social media giant in order to find a solution where both parties win.
Facebook has pitched to build a system set to identify and tag music in violation of copyrights.
As perfect as it sounds, it will take 2 years to complete such a system, which is 2 years too long, for both sides.
This issue is a pressing matter with all parties eager to benefit, and if done right so they shall.
The Facebook hook
Facebook’s goal is to attract billions of dollars in additional advertising revenue in hopes of dominating over YouTube as the largest site for advertising-supported video on the Web.
In the company’s second-quarter earnings call, CEO of Facebook Mark Zuckerberg divulged that video will drive Facebook’s business and be the determining factor of how well they perform.
They see video sharing as overtaking text and photo sharing in the future, with special focus on user-generated material as opposed to media companies.
The monetary boost from Facebook joins the growth of streaming services like Apple Music and Spotify in contributing to the much-needed revenue surge in the music industry.
Climbing into the business bed with Facebook is just what rights holders need as the current framework for copyright online slights these holders.
Users will upload videos and infringe copyright regardless so if they can strike a deal to utilize the proposed monitoring system, they can give the policing job over to them.
This is certainly a forward thinking approach for Facebook to look after its users while still feeding the music industry.