Facebook has acquired the startup company Source3 which specialises in intellectual property (IP) recognition, IP licensing and IP rights administration services.
The social media giant has had many problems with pirated content, CEO of Full Screen (one of the biggest YouTube networks), George Strompolos stated that he was Âgetting very tired of seeing our videos ripped there with no way to monitor or monetize.Â
Whilst Facebook does have a ÂRights ManagerÂ tool that allows rights holders to take down or monetize content it obviously felt that it was not doing enough to protect copyright holders from having their content infringed.
Source3 announced through its website that ÂWeÂre 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.Â
Source3 has a focus on automated copyright licensing tools. Speculation has it that Facebook may offer users the option to obtain licences from copyright holders in an effort to minimize copyright infringement on the social network platform.
The acquisition will see Source3 be fully integrated into Facebook with Source3 employees moved to the New York Facebook HQ.Â
However, this isnÂt anything new for the Source3 founders, Patrick Sullivan and Ben Cockerham in 2011 they sold their music IP company, RightsFlow, to Google.Â