Universal Music And Meta Expand Music License Agreement

Universal Music Group (UMG), the world's largest music label (photo: x @UMG)

Jakarta - Universal Music Group (UMG), the world's largest music label, announced on Monday 12 August that it has expanded its music license agreement with Meta Platforms, parent of Facebook. This deal aims to create more opportunities for their artists and songwriters on the social platform Meta.

"UMG is the first major music company to license Facebook in 2017, and this new deal will expand the chances of music in the Meta ecosystem," said a company representing well-known artists such as Taylor Swift and Billie Eilish.

The new deal includes all major Meta platforms, including Facebook, Instagram, Messenger, and, for the first time, WhatsApp. This deal also touched on the issue of compensation for artists and songwriters, the UMG added.

At the end of July, the music label ended a partnership with Meta for premium music video streaming, as the product was less popular with Facebook users than other music products.

UMG, which has a market value of $54 billion and controls more than a third of the music market, also reached a new licensing agreement with TikTok in May, returning their songs and artists to the social media platform.

Last month, UMG shares fell more than 23% a day after streaming revenue and weaker subscriptions than expected to disappoint investors.