Facebook (FB) is reportedly in talks with major record labels and music publishers to reach a deal that would see its billions of users allowed to include music in videos uploaded to the platform.
Citing unnamed sources, Bloomberg reports that the social media behemoth is offering hundreds of millions of dollars to the music industry to retain the rights to songs in videos uploaded by users.
A deal could be a win win for both sides, as music owners won’t have to continuously ask Facebook to take infringing content down, and Facebook won’t have to deal with legal issues over hosting content it doesn’t have the rights to use.
According to Bloomberg, Facebook had a plan to implement software that would identify and flag copyrighted material in videos. However, it would reportedly take two years to build and roll out.
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The talks come as Facebook launches Watch, a video content hub that features original programming, in a bid to compete with YouTube and attract billions in advertising revenue.
In June, CEO ark Zuckerberg announced that the social network had 2 billion active monthly users.