What just happened? Facebook is preparing to go toe to toe with Google's YouTube in the music video space. The social networking giant has reached agreements several major record labels including Sony Music Entertainment, Warner Music Group, Universal Music Group, Merlin, BMG and Kobalt that'll permit users to share music videos directly on its platform.

Facebook users have been able to share audio clips of select licensed material on the site, but not official music videos.

Facebook is taking things a step further and has even secured exclusive premiere rights for content from select artists such as J. Blavin, Sebastian Yatra, Calibre 50 and Alejandro Fernandez, among others. In some instances, Facebook has reportedly gone as far as to offer to pay for video production costs and would promote the videos prominently on its platform to boost viewership.

Facebook has been looking to encourage video consumption on its platform for years and has experimented with all sorts of categories including original content and livestreaming. Facebook got what was likely a big boost when Microsoft recently shut down its Mixer streaming platform and suggested users transition to Facebook Gaming.

Facebook said it is adding a new Music section to Facebook Watch that'll become more personalized to users' tastes over time. Look for the rollout to happen over the weekend.