Universal Music Group (UMG), the world’s largest music label, announced an expanded agreement with Meta Platforms (META.O) on Monday, August 12, 2024, aimed at creating new opportunities for its artists and songwriters across Meta’s social media platforms.

UMG, which represents high-profile artists like Taylor Swift and Billie Eilish, highlighted that it was the first major music company to license Facebook in 2017.

This new agreement will extend the scope of music integration within Meta’s ecosystem, including Facebook, Instagram, Messenger, and, for the first time, WhatsApp.

The updated deal also addresses compensation for artists and songwriters, according to UMG.

This development comes after UMG’s recent decision to end a partnership with Meta for streaming premium music videos, citing lower user engagement with this format compared to other music products.

In May, UMG reached a new licensing agreement with TikTok, reinstating its music content on the platform.

However, last month, UMG experienced a significant drop in its share price, falling more than 23% in a single day due to disappointing streaming and subscription revenue results for the second quarter.

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