Facebook Inc. (FB) and Universal Music Group are pairing up to give Facebook, Instagram and Oculus users access to Universal's deep vault of licensed music and videos.
The partnership, the first between the social media giant and a major music company, will allow the social media users to upload and videos that contain licensed content. Previously, most videos with licensed content were prevented from being uploaded due to copyright.
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The move comes after Chief Executive Mark Zuckerberg changed Facebook's mission statement in February and said it would work to help fix a "striking decline in the important social infrastructure of local communities."
"There is a magnetic relationship between music and community building," said Tamara Hrivnak, Facebook's head of music business development, in a news release.
Other social media networks have looked to music to boost engagement on their platforms. Universal formed a similar partnership with MySpace in 2008 to give its music a broader reach.
Shares in Facebook rose 0.3% to $178.42 in afternoon trading.
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(END) Dow Jones Newswires
December 21, 2017 12:41 ET (17:41 GMT)