Social networking giant Facebook which recently celebrated having 2 billion monthly users has decided to take the matter of piracy on its platform very seriously. The Mark Zuckerberg led firm recently acquired US-based startup Source3 to help the tech giant in its battle against pirated content on its social networking platform.
The New York-headquartered startup claims to be the world’s first platform for end-to-end management of intellectual property in user-generated content (UGC). It provides IP recognition, licensing and rights administration services to connect creators, marketplaces and brands and enable monetization of user content across physical and digital products.
Source3 has built successful licensing platforms powering digital music, user-generated videos and 3D printing. It offers scalable, turn-key solutions for today’s global licensing challenges.
Reportedly, Facebook has decided to acquire both Source3’s technology and some of its core team members.
A report in ReCode regarding the acquisition quoted a Facebook spokesperson, “We’re excited to work with the Source3 team and learn from the expertise they’ve built in intellectual property, trademarks and copyright. As always, we are focused on ensuring we serve our partners well.”
The ReCode report also revealed that the employees who will be joining Facebook from Source3 would be working out from the social networking giant’s New York office. Source3 has now fully integrated with Zuckerberg’s Facebook and has deleted its website and Twitter account as well.
Though there has been no official word on the financials of the acquisition deal, according to media reports going around, the startup only managed to raise $4 million in venture capital funding.
Facebook has been working on cracking down pirated content on its site for quite some time now. In the past, the site had launched “Rights Manager” technology to detect and remove video clips shared by people who do not have rights to that particular video.
But Facebook’s Source3 acquisition hints that Facebook’s “Rights Manager” technology might not have worked out that well.