Universal Music Group, the largest music label globally, announced on Monday an expanded agreement with Meta that will enhance opportunities for its artists and songwriters across Meta’s suite of social media platforms.
“UMG was the first major music company to license Facebook back in 2017, and this new agreement will further broaden the possibilities for music within the Meta ecosystem,” said a spokesperson for UMG, which represents high-profile artists like Taylor Swift and Billie Eilish.
This updated deal covers all of Meta’s major platforms, including Facebook, Instagram, Messenger, and, for the first time, WhatsApp. Additionally, the agreement addresses compensation issues for artists and songwriters, UMG confirmed.
In late July, UMG announced it had terminated a partnership with Meta that focused on streaming premium music videos. The company cited lower popularity of this format among Facebook users compared to other music offerings.
Earlier this year, UMG reached a new licensing agreement with TikTok in May, restoring its catalog of songs and artists to the popular social media platform.
UMG’s stock experienced a significant drop of over 23% in a single day last month, following disappointing streaming and subscription revenue reports for the second quarter.
