Sony/ATV Music Publishing and Facebook have signed an agreement letting users of the social-media network upload and post videos with works from artists including Ed Sheeran and Taylor Swift.
The multiyear deal is the first between the top music publishing company, which oversees a catalog of 3 million songs, and Facebook, the parties said today in a statement. Financial terms weren’t disclosed, but the companies said the accord would give songwriters the opportunity to earn royalties when their music is used on Facebook and Instragram.
The record industry, which is in the third year of a recovery, is looking to social media services to bolster a rebound that’s been led by online services. Facebook has now signed agreements with two of the largest music companies in the world, paving the way for more than 2 billion users to legally share clips with music.
The social media service signed a similar deal with Vivendi SA’s Universal Music Group last month.