Just about every one of us have had a video removed on Facebook due to copyright issues with the music contained within the video. Facebook is looking to change this issue by offering major record labels and music producers "hundreds of millions of dollars" so users can legally include music in their uploaded videos, without fear of them being removed.
Facebook took in over $26 billion last year, making it one of the biggest advertisers in the world. It seems their relationship with advertisers benefits both ends, with advertisers seeing significantly higher viewer metrics from Facebook videos. These numbers only look to increase as Facebook takes the next step forward in it's video-hosting services.
You may have noticed the new Facebook Watch tab, active as of this past Tuesday, which allows users to subscribe to their favorite series such as "Today's Spotlight," "New This Week," "Suggested For You," and more. With the launch of Facebook Watch, a new hub for videos, the company is looking to challenge YouTube as the largest site for ad-supported videos on the web. YouTube has already received backlash from the industry for not respecting intellectual property on top of paying way too little to musicians, opening up the door for a new video resource site to take it's place.
According to Bloomberg Technology, "Getting into business with Facebook presents something of a Faustian bargain. Rights holders need a deal. Given the current legal framework for copyright online, users are going to upload video with infringing material no matter what. The onus is on rights holders to police those videos. A deal ensures they get something rather than waste resources tracking down all the illegal videos."
Could Facebook become the next YouTube? Let us know in the comments below.