The Facebook app on a smartphone.
Photograph by Chris Ratcliffe — Bloomberg via Getty Images
By Benjamin Snyder
July 10, 2015

Facebook has its sights set on YouTube once again as it seeks to grab a slice of the music video business, The New York Times reports, citing people familiar with the talks.

The social media giant has reportedly been in discussion with major record companies to get the licensing deals required to post music videos on users’ news feeds, the publication reported.

If the deal moves forward, Facebook (FB) users can expect to see music videos handpicked by the music companies as they browse through posts from friends and family. Facebook would then monitor how the music videos perform, while sharing ad revenue with the music companies. Plus, Facebook is apparently offering more money than YouTube does in its revenue-sharing model.

The move by Facebook comes as the social media site has ramped up its video offerings in recent weeks. For instance, the company added new options for marketers using video in July in another bid to take on YouTube, which is owned by Google (GOOG).

For more on Facebook’s video plans, check out this Fortune feature from April.

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