With Facebook suffering a worrying decline in usage among under-24-year-olds in the vital US market, Mark Zuckerberg’s company is pursuing a new potential growth engine: music.
Facebook has signed a series of licensing deals in recent months with music groups including Universal Music Group and Sony/ATV, write Anna Nicolaou in New York and Hannah Kuchler in San Francisco.
The offers may set the stage for Fb to develop into a serious host of music movies, pitting it in opposition to Google-owned YouTube. That is prone to be welcomed by advertisers, who would have little cause to fret about having their promoting showing subsequent to offensive content material in mainstream music movies. And it’ll contain little further funding from Fb itself.
Questions stay, nonetheless, over Fb’s willingness to pay the royalties on the music movies it may host. It might want to hope for an enormous shift within the behaviour of its customers, who are usually not used to trawling it for music. And it faces robust competitors from the likes of music streaming service Spotify, in addition to an anticipated new paid music service from YouTube.
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