Facebook, Instagram Sign Sony/ATV Licensing Deal

Facebook and Sony/ATV music publishing announced on Monday that they have signed a multi-year, multi-market licensing deal for the social media giant, it's Instagram photo and video service as well as Oculus, the virtual reality platform. Late last year, Facebook announced a publishing and recorded music deal with Universal Music Group.Sony/ATV Chairman and CEO Martin Bandier said: “We are thrilled that in signing this agreement Facebook recognizes the value that music brings to their service and that our songwriters will now benefit from the use of their music on Facebook. We are looking forward to a long and prosperous relationship.”Tamara Hrivnak, Head of Music Business Development and Partnerships, Facebook said: “We’re excited to work with the largest music publisher in the world to bring amazing songs which deepen connections between friends and fans. Sony/ATV is a true leader and an absolute champion of writers in the digital space, and we’re thrilled to work with them as they grab new opportunities by the horns across all of our platforms.”