With both Facebook and Snapchat investing in original TV content in 2017, the commitment of the social media giants to stake a claim to a portion of TV revenues is clear. There are indications, however, that music may be the next industry that social services will engulf.
Facebook in particular is taking music seriously. Throughout 2017 this social behemoth hunted for numerous senior positions relating to music licensing and acquired copyright identification startup Source3 – all in an effort to placate music rights owners who protested that their content is freely available on the platform via user-uploaded music videos.
While there is an array of contracts and agreements necessary to provide a rich music streaming library, the social giants will surely have noticed the digital transformation that has impacted the music industry and the broad user bases that streaming services have gathered. It’s now two thirds of internet users who are streaming music online. In social media’s ongoing quest to maintain engagement, music could be the next strategy that takes center stage.