Facebook Inc has completed a series of deals for the right to show music videos on its platform, raising the prospect of its competing more with Alphabet Co's video platform YouTube in the area, Bloomberg reported on Thursday.
FILE PHOTO: A 3D-printed Facebook logo is seen placed on a keyboard in this illustration taken March 25, 2020. REUTERS/Dado Ruvic/Illustration/File PhotoREUTERS: Facebook Inc has completed a series of deals for the right to show music videos on its platform, raising the prospect of its competing more with Alphabet Co's video platform YouTube in the area, Bloomberg reported on Thursday.
The social media giant is expected to announce partnerships with three of music world's biggest labels, Universal Music Group, Sony Music Entertainment and Warner Music Group, the report said https://www.bloomberg.
Bloomberg reported in December that Facebook was looking to acquire rights to music videos from major record labels to boost its Watch video service, while TechCrunch earlier this month said that it could launch licensed music videos in the United States in August. Facebook, Sony, Universal Music and Warner Music Group did not immediately respond to Reuters' request for a comment.
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