A new agreement betweenMeta Platforms Inc(NASDAQ:META) andUniversal Music Groupis reconfirming the substantial role of social media in increasing the revenue stream of major artists likeTaylor Swift, ColdplayandBob Dylan.

The two companies announced the multiyear agreement on Monday, which extends Meta's rights to use UMG artists across its platform range, including user-generated content in Facebook and Instagram, as well as software on its virtual reality platform Meta Quest.

The agreement for the first time includes Whatsapp as a platform, where Meta is now allowed to license UMG content.

Along with Swift...