It’s being reported that Facebook Inc. is in talks with major record labels and music publishers to buy rights to music and get into the music industry. And they are offering hundreds of millions of dollars to be a part of it.

Bloomberg writes:

Facebook Inc. is offering major record labels and music publishers hundreds of millions of dollars so the users of its social network can legally include songs in videos they upload, according to people familiar with the matter.

The posting and viewing of video on Facebook has exploded in recent years, and many of the videos feature music to which Facebook doesn’t have the rights. Under current law, rights holders must ask Facebook to take down videos with infringing material.

Music owners have been negotiating with Facebook for months in search of a solution, and Facebook has promised to build a system to identify and tag music that infringes copyrights.

You can read more here.

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