Facebook and Universal Music Group on Thursday announced a global agreement that will enable users to upload videos featuring music from Universal's library across the social media network as well as Instagram and Oculus.

Through the agreement, the social media company will no longer have to require users to take down videos featuring music from Universal's catalog due to copyright infringement.

Terms of the deal were not disclosed.

Facebook's deal with Universal Music Group comes as the world's largest social media site is making a big push into video to keep users on its site and attract advertisers.

Earlier this year it launched its Watch video service, which features shows from the likes of Buzzfeed, Discovery Communications as well as some sports like Major League Baseball.

"With this deal, Facebook has licensed content from the biggest player in the biggest genre of video on YouTube," he said.

The deal solves a long-running dispute, with Facebook agreeing to compensate the company and artists including Taylor Swift when users post videos that include copyrighted material.

The deal also sets Facebook up as a more direct competitor to Google's YouTube.

Bloomberg has reported that YouTube had signed a long-term agreement with Universal Music Group and Sony Music Entertainment.

Facebook in January hired Tamara Hrivnak, a former music industry executive who held positions at Google and YouTube, to lead its music development efforts.