Facebook, Universal Music strike multi-year licensing deal

(Reuters) - Facebook Inc and Universal Music Group signed a global agreement that will give users access to Universal's music catalogs to be used in videos uploaded across the social media network as well as Instagram and Oculus.

The multi-year agreement will be expanded later to include Facebook Messenger, Universal Music Group said.

""Together, Facebook and UMG are creating a dynamic new model for collaboration between music companies and social platforms to advance the interests of recording artists and songwriters," said Michael Nash, executive vice president of digital strategy, Universal Music Group.

The partnership comes days after Bloomberg reported that Alphabet Inc's YouTube had signed a new long-term agreement with Universal Music Group and Sony Music Entertainment.

(Reporting by Arjun Panchadar in Bengaluru; Editing by Sriraj Kalluvila)