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Universal Music Group (UMG) announced on Monday an expanded partnership with Meta Platforms, Facebook's parent business.
Universal Music Group (UMG), the world’s largest music label, announced on Monday an expanded agreement with Meta Platforms, Facebook’s parent company. This partnership will create new opportunities for UMG’s artists and songwriters across Meta’s extensive social media ecosystem.
UMG, the first major music company to license Facebook in 2017, will now extend its collaboration to all of Meta’s major platforms. This includes Facebook, Instagram, Messenger, and, for the first time, WhatsApp. The renewed agreement aims to explore new possibilities for integrating music within Meta’s platforms, enhancing the user experience, and providing broader exposure for artists.
A key component of the new agreement is ensuring fair compensation for artists and songwriters. UMG emphasized that the deal addresses the issue of artist compensation, ensuring that their work is fairly rewarded as it is used across Meta’s platforms.
This expanded partnership follows UMG’s decision in late July to end its partnership with Meta to stream premium music videos, citing lower popularity among Facebook users than other music products. Additionally, in May, UMG reached a new licensing agreement with TikTok, restoring its songs and artists to the social media platform after a brief absence.
Despite these strategic moves, UMG faced a significant market challenge last month when its shares dropped by over 23% in a single day. The decline was triggered by weaker-than-expected streaming and subscription revenues for the second quarter, disappointing investors.
This expanded agreement with Meta is part of UMG’s broader strategy to strengthen its digital presence and explore new income streams through partnerships with major social media platforms. By leveraging Meta’s vast user base, UMG aims to enhance the visibility of its artists while ensuring they are adequately compensated for their creative work.
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