Universal Music and Meta extend new music collaboration
Published: 08:46 12 Aug 2024 EDT
Universal Music Group (EURONEXT:UMG) has expanded its agreement with Meta Platforms to give new artists and songwriters access to the Facebook owner’s social platforms.
"UMG was the first major music company to license Facebook back in 2017 and this new agreement will further expand the possibilities for music within the meta ecosystem," said the company in a statement.
All of Meta's major platforms, including Facebook, Instagram, Messenger and, for the first time, WhatsApp, are a part of the new arrangement with royalty issues also addressed in the new deal.
Last month, UMG's crashed by almost a quarter when it revealed weaker-than-expected streaming and subscription revenues for the second quarter.
Michael Nash, Universal's chief digital officer, said: “Since our landmark 2017 agreement, Meta has consistently demonstrated its commitment to artists and songwriters by helping to amplify the importance music holds across its global network of engaged communities and platforms, creating new opportunities and applications".
This partnership builds on the recognition that music can help connect us and bring 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.
Tamara Hrivnak, VP Music and Content Business Development at Meta, added: "This partnership builds on the recognition that music can help connect us and bring 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".
