Facebook inks deal with Universal Music Group to allow use of licensed music

CALIFORNIA - Social Media giant Facebook Inc on Thursday has signed a multi-year deal with world's biggest record label, Universal Music Group that will enable users to upload videos featuring music from Universal’s library across the social media network as well as Instagram and Oculus.

Initially, users will be able to upload licensed music content from Universal Music, create personalized experiences and interact with musicians, ultimately across Facebook's different social networks.

The financial terms of the deal were not disclosed, although industry experts estimated that the deal would be worth hundreds of millions of dollars in rights to Universal.

The partnership comes days after it was reported that YouTube had inked a long-term agreement with Universal Music Group and Sony Music Entertainment.