A New Multi-Billion Naira Revenue Opportunity For Nigerian Music
It became clear as far back as 2015 that the social networking giant Facebook had intentions to “legalize” a key feature of most of the…
It became clear as far back as 2015 that the social networking giant Facebook had intentions to “legalize” a key feature of most of the user generated content on its platform; music.
Since that intention became known there have been periodic reports about the company’s progress, from its opening talks with the major recording companies (and their respective publishing affiliates) to the most recent statements regarding the agreements reached with same.
Indeed Facebook has also reached an agreement with a large swaithe of the music publishing sector, having reached terms with Sony/ATV, Universal Music Publishing Group, Kobalt Music Publishing and SESAC’s HFA/Rumblefish.
The importance of these deals hinges on the fact that user generated content — a major component of its platform — is increasingly including commercially and independently released music. As things stood (prior to the announced deals), rights holders had to…