The following is an excerpt from Leo Sun | February 25, 2018 | ibtimes.com |
The streaming music market could grow from $1.4 billion in 2015 to $14.1 billion in 2030, according to Goldman Sachs' Music in the Air report. That would represent a third of the entire music industry's revenues at the end of the period.
Discussions about the streaming music industry usually focus on companies like Spotify, Pandora Music, and Apple Music. But Facebook's (NASDAQ:FB) recent deal with music licensing group and copyright database ICE Services indicates that it might also want a piece of the pie.
Getting Its Ducks In A Row
ICE handles the copyrights of 31 million works of music from 290,000 rights holders, and represents three copyright groups -- PRS in the U.K., STIM in Sweden, and GEMA in Germany. Through the deal, which covers 160 territories, Facebook will pay ICE royalties every time its music is broadcast on its social network, Messenger, Instagram, or Oculus virtual reality platform. The financial terms of the deal were not disclosed.
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