New York
27 July 2017
Reporter: Barney Dixon

Facebook acquires IP management startup

Facebook has acquired a startup that focuses on recognising, organising and analysing branded intellectual property in user-generated content.

Source3 provides IP recognition, licensing and rights administration services for creators, marketplaces and brands and helps to enable monetisation of user-generated content.

The details of the deal were not disclosed, but Source3 secured $4 million in funding from Contour Venture Partners in September 2015.

Founders of Source3, Ben Cockerham, Patrick Sullivan, Scott Sellwood and Tom Simon, said in a joint statement: “We’re excited to bring our IP, trademark and copyright expertise to the team at Facebook and serve their global community of two billion people, who consume content, music, videos and other IP every day.”

They added: “We feel great about this next step in our journey, and we thank everyone who helped us get to where we are today—we couldn't have gotten this far without immense support from our investors, advisors, employees and others. We can't wait to see what's next!”

The acquisition falls in line with recent attempts by Facebook to monetise its user-generated video content, similar to YouTube's Partner Programme.

In February, Facebook announced three updates to its Audience Network that allowed content creators to make money from in-stream video ads on their own websites and apps.

Audience Network places ads from Facebook advertisers onto third-party websites and apps.

The social media platform is testing ad breaks for its on-demand video, which will allow content creators to insert ads into videos they upload on Facebook.

Facebook also introduced ad breaks for Facebook Live videos.

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