As we have probably encountered, Facebook is slowly introducing this service.
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Now though, a spokesperson for Facebook has denied the rumours, telling Billboard the company has “no plans to go into music streaming”. Now the social network is reportedly in talks with major music labels to stream music videos on news feeds. (NASDAQ:GOOG) acquired video website YouTube. Now Facebook is considering going after another piece of YouTube’s signature turf: music videos. It’s unclear how labels are responding to that proposal, given that two of the major ones, Universal and Sony, already have their own music video platform in Vevo.
That’s also not to say that Facebook hasn’t been talking with the music labels-which has allegedly been happening over the past few months. Consumers are increasingly watching videos – whether on YouTube or on Facebook – from mobile phones and tablets, creating a fertile new opportunity for marketers to reach consumers.
However, in a statement Facebook said it has “no plans to go into music streaming“. However, Facebook is working on something “unique and new“, as Engadget described. Presumably, Facebook would allow artists to start collecting royalties every time their music videos were played by Facebook fans.
According to some reports, Facebook is offering the same split in ad revenue that YouTube now does, that is, with 45 percent going to the social network, and the rest to advertisers. In another enticement to the labels, Facebook is also promising to police the platform more thoroughly for unauthorized content, this person added.
Curated music videos are believed to be just the latest video-related frontier for the social networking giant.
The move by Facebook comes as the social media site has ramped up its video offerings in recent weeks.
In announcing the new tools Thursday, Facebook acknowledged that its automated system isn’t ideal, so it wants to give users a way to set their own preferences.
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YouTube, by most accounts, is the most popular online outlet for young people to consume music.
