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Facebook is stepping up efforts to reach a licensing agreement with the music industry, according to sources who spoke with Bloomberg.
A deal would allow music to be added to user-generated videos without getting flagged for copyright infringement. It would also potentially open the door for Facebook to obtain more videos from the labels themselves.
With nearly two billion users, Facebook provides a massive opportunity for the industry. It could mean billions of dollars in revenue. Licensed videos would also benefit Facebook, which wants to dethrone YouTube as the leader in online video.
Last month, Facebook hired Tamara Hrivnak, a former key music executive at YouTube. Hrivnak now leads Facebook’s global music strategy and business development.
However, Bloomberg says the talks with Facebook are “complex” and that “a deal could be a couple months away or more.”
“Facebook must also finish a system to police copyright-infringing material akin to Content ID, the system used by YouTube,” Bloomberg writes. “Videos on the site already feature a lot of music for which artists don’t receive royalties — a major source of tension.”
The Financial Times reported in January that Facebook is developing a content ID system, but did not say when it would be completed.
Watch Bloomberg’s report below: