Facebook has allegedly offered several millions of dollars to major record labels in a bid to allow users of the social media platform to legally include music in their videos.
Videos on Facebook are now more popular than ever and CEO Mark Zuckerberg has stated that the video platform will overtake the text and photo-sharing segments of the site in the near future. However, tons of videos are taken down by Facebook per day as users upload videos with infringed music.
In a report by Bloomberg, music owners and Facebook have been negotiating solutions for the problem, resulting in the latter promising a new interface that will alert them of infringed materials. The downside to that being such technology would take up to two years to produce, and neither parties are willing to wait that long. Hence, Facebook has offered several major record labels millions of dollars to buy the rights for music.
Their latest offer aims to appease all parties involved with users not having their videos taken down, while record labels and advertisers can rest easy without worrying about legal issues with infringement.
The deal, if accepted, will coincide with Facebook's latest venture, Watch, a video sharing platform that will look to rival YouTube.
No information has been revealed on which record labels are involved and how much money is being offered.