Facebook steps into YouTube with Universal Music Deal

Facebook signed a multiyear licensing deal that lets the social network carry songs and artists from the world’s biggest record label, Universal Music Group, across its platforms.   Under the accord, Facebook users will be able to upload Universal’s songs and share music through Facebook, Instagram and Oculus virtual-reality technology, the firms said Thursday in a statement.

Financial terms weren’t disclosed. The deal sets Facebook up as a more direct competitor to Google’s YouTube, the most popular destination.

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