Universal Music Group, Meta announce new licensing agreement

Universal Music Group (UMGNF, UMG.AS) and Meta Platforms (META) have unveiled a new licensing agreement on Monday. This partnership will enhance commercial opportunities for artists on Meta's social media platforms, including Facebook and Instagram. Additionally, it will allow UMG's music to be shared on WhatsApp without copyright concerns.

Wealth! host Alexandra Canal breaks down the details of this partnership, exploring its implications for the artists under the UMG label.

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This post was written by Angel Smith

Video transcript

Universal music group which represents a list stars like Taylor Swift to Billie Eilish and more announced an expanded licensing deal with Meta on Monday.

The agreement will quote further evolve, the creative and commercial opportunities for artists on the platform.

It will also allow the labels, music to be uploaded to whatsapp without violating any copyright ownership.

While details of the multi year agreement have not been released.

The announcement from the two companies says that issues like proper compensation, unauthorized A I content and opportunities for artists monetization are all being addressed.

According to a statement from meta's vice president and of music and content business development.

The partnership quote builds on the recognition that music can help connect us and brings fans, artists and songwriters closer together not only on established platforms such as Instagram and Facebook, but also in new ways on whatsapp.

And more as part of the renewal artists and songwriters will receive a part of the ad revenue for any post featuring their work.