Aug 12 (Reuters) - Universal Music Group (UMG), the

world's biggest music label, announced on Monday an expanded

agreement with Facebook-parent Meta Platforms ( META ) to create

new opportunities for its artists and songwriters across Meta's

social platforms.

"UMG was the first major music company to license Facebook

back in 2017 and this new agreement will further expand the

possibilities for music within the meta ecosystem," said the

company that represents artists such as Taylor Swift and Billie

Eilish.

The agreement concerns all of Meta's major platforms,

including Facebook, Instagram, Messenger and, for the first

time, WhatsApp.

The renewed agreement also addresses the issue of

compensation for artists and songwriters, UMG said.

In late July, the music label said it had ended a

partnership with Meta for the streaming of premium music videos.

It said this type of product was less popular with Facebook's

user base than other music products.

The $54 billion group behind more than a third of the market

had reached a new licensing agreement with TikTok in May,

restoring its songs and artists to the social media platform.

Last month, UMG's shares shed more than 23% in a single day

after weaker than expected streaming and subscription revenues

for the second quarter disappointed investors.