NEW YORK (CelebrityAccess) — Sony/ATV Music Publishing and Facebook on Monday announced that they had signed a broad licensing agreement that will make the Sony publishing house’s catalog available to users on the social media giant’s platforms.
The multi-territory deal will allow Facebook’s more than 2 billion monthly active users to upload and share videos with music Sony/ATV’s catalog of more than 3 million songs, while providing Sony/ATV’s songwriters with a new way to earn royalties when fans post their content on Facebook, Instagram, and Oculus.
The deal is the second such agreement with a major label in recent weeks. In late December, Facebook and Universal Music Group announced that they had struck a similar agreement over the label giant’s recorded music and publishing catalogs.
The deal is a challenge to Alphabet’s YouTube, which has become a dominant player in the streaming music business but faces criticism that it does not fairly compensate rights-holders for streamed content. YouTube has secured agreements with both UMG and Warner Music.
Sony/ATV is one of the most significant music publishers, with repertoire that includes songs by The Beatles, Taylor Swift, Drake, Kanye West, and Ed Sheeran among numerous others.
Sony/ATV Chairman and CEO Martin Bandier said: “We are thrilled that in signing this agreement Facebook recognizes the value that music brings to their service and that our songwriters will now benefit from the use of their music on Facebook. We are looking forward to a long and prosperous relationship.”
Tamara Hrivnak, Head of Music Business Development and Partnerships, Facebook said: “We’re excited to work with the largest music publisher in the world to bring amazing songs which deepen connections between friends and fans. Sony/ATV is a true leader and an absolute champion of writers in the digital space, and we’re thrilled to work with them as they grab new opportunities by the horns across all of our platforms.”