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Billboard reports: “On Dec. 21, 2017, the company announced a multiyear licensing deal with Universal Music Group, allowing users to upload and share videos on Facebook and its subsidiaries Instagram and Oculus that, for the first time, contain licensed music. Sources say Facebook has been nearing similar pacts with Warner Music Group and Sony Music Entertainment, deals that combined could bring the music industry over $1 billion in the next two years — and give YouTube serious competition in the free-music space.”

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