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The American company Facebook has made several deals with some of the largest record companies, which will allow it to get the right to display music videos on its platform. As Bloomberg reported on Friday, citing sources, this step will help the social network compete with YouTube video hosting, TASS reported.

According to the sides of the publication, a statement of cooperation with such record corporations as Warner Music Group, Universal Music Group, and Sony Music Entertainment will be made soon.

Besides, Facebook is ready to pay the costs of content production, subject to the promotion of work on the social network.

The corporation spokesman declined to comment on the information received by Bloomberg.

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