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Originally Posted by enroe
This is very true.
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No, it isn't, the policy is they can 'use' the thing that you post which has been mostly true for any entity long before the internet, they don't own your copyright or anything like that:
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For content that is covered by intellectual property rights, like photos and videos (IP content), you specifically give us the following permission, subject to your privacy and application settings: you grant us a non-exclusive, transferable, sub-licensable, royalty-free, worldwide license to use any IP content that you post on or in connection with Facebook (IP License). This IP License ends when you delete your IP content or your account unless your content has been shared with others, and they have not deleted it.
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Now one may somewhat rightfully take issue with the fact they can share/use it, but it is only a license for them to do that, they do not own anything of yours that is IP albeit there are thousands of people misreading the term and perpetuating a certain amount of nonsense without fact checking. Granted, I'd bet that there are customer support people at FB that misread this also but in reality they don't actually own your song if you post it there, to state it in plain terms.