Facebook to show licensed music videos on platform
The platform will start releasing videos this weekend
FOX Business’ Lauren Simonetti reports on the latest earnings from Facebook, Amazon and Alphabet, which all did better than expected. Tech expert Lance Ulanoff, Kingsview Wealth Management CIO Scott Martin, former investment banker Carol Roth and Fortune executive editor Adam Lashinsky then add their analyses to these reports.
Facebook announced Friday that it has joined forces with some of the biggest music companies in the U.S. to deliver licensed music videos on the platform.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| FB | NO DATA AVAILABLE | - | - | - |
The social media giant's music partners include Sony Music Group, Universal Music Group, Warner Music Group, Merlin, BMG, Kobalt and "many others" in the industry, according to a blog post from Tamara Hrivnak, Facebook's vice president of music business development and partnerships, and Vijaye Raji, Facebook's vice president of entertainment
"Starting this weekend, you’ll be able to discover, watch and share music videos from today’s top artists to up-and-coming bands and classics across various music genres on Facebook," Hrivnak and Raji wrote.
The move will likely introduce new competition to websites like YouTube, Vimeo, Vevo and streaming services like Apple Music.
Facebook music videos (Facebook Newsroom)
Facebook will premier exclusive music videos from J. Balvin, Karol G, Sebastian Yatra, Alejandro Fernandez and Calibre 50 in the coming weeks.
FACEBOOK POSTS REVENUE GROWTH DESPITE PANDEMIC
Lele Pons and Panamanian R&B singer Sech will also be releasing exclusive music videos on the platform soon and using Facebook Live to connect with audiences before their respective releases, Hrivnak and Raji said.
MARK ZUCKERBERG, FACEBOOK'S FOUNDER AND CEO: WHAT TO KNOW
The tech giant's algorithms will personalize users' Music in Facebook Watch feeds as they listen to more music on the website.
GET FOX BUSINESS ON THE GO BY CLICKING HERE
"Artists already use our apps to get closer to fans through sharing everyday moments in Stories, promoting new releases ... hosting Q&As on Facebook Live and raising money for important causes through the donate button in Live and Stories," Hrivnak and Raji wrote. "Now, artists will have the opportunity to connect with fans around their official music videos on Facebook, too,"