Instagram on Monday announced <a href="http://www.wionews.com/world/facebook-instagram-to-introduce-time-management-tools-156305">co-founders Kevin Systrom and Mike Krieger</a> have resigned as chief executive officer and chief technical officer of the photo-sharing app owned by Facebook.

<a href="http://www.wionews.com/world/instagram-opens-verification-feature-to-everyone-162298">Also Read:&nbsp;Instagram opens verification feature to everyone</a>

The photo-sharing site did not give any explanation for the resignations.

In a statement, Zuckerberg described the two as "extraordinary product leaders".

"I've learned a lot working with them for the past six years and have really enjoyed it. I wish them all the best and I'm looking forward to seeing what they build next," Zuckerberg said.

Facebook had brought Instagram six years ago for $1 billion, the photo app had passed a billion active users in June. However, there have been reports of frequent clashes with Facebook Chief Executive Mark Zuckerberg over the direction of Instagram.

WhatsApp co-founder Jan Koum and co-founder Brian Acton had left Facebook earlier this year, which was bought by Zuckerberg's company for a record $19 billion.

Instagram's revenue this year is likely to exceed $8 billion, showed data from advertising consultancy EMarketer.

In India, both Facebook and Whatsapp have come under scanner after the Department of Telecom (DoT) sought to block the social sites citing national security issues. There have been growing concern over privacy issues after Facebook had declared 87 million users' data was hacked by Cambridge Analytica earlier.

The Indian government had told Whatsapp it was dissatisfied with the messaging app over steps taken by it to stop fake news and rumours triggering mob violence. Facebook is also facing multiple inquiries from US and British regulators about the Cambridge Analytica user data scandal.

Instagram on Monday announced co-founders Kevin Systrom and Mike Krieger have resigned as chief executive officer and chief technical officer of the photo-sharing app owned by Facebook.

Instagram on Monday announced co-founders Kevin Systrom and Mike Krieger have resigned as chief executive officer and chief technical officer of the photo-sharing app owned by Facebook. Also Read: Instagram opens verification feature to everyone The photo-sharing site did not give any explanation for the resignations. In a statement, Zuckerberg described the two as "extraordinary product leaders". "I've learned a lot working with them for the past six years and have really enjoyed it. I wish them all the best and I'm looking forward to seeing what they build next," Zuckerberg said. Facebook had brought Instagram six years ago for $1 billion, the photo app had passed a billion active users in June. However, there have been reports of frequent clashes with Facebook Chief Executive Mark Zuckerberg over the direction of Instagram. WhatsApp co-founder Jan Koum and co-founder Brian Acton had left Facebook earlier this year, which was bought by Zuckerberg's company for a record $19 billion. Instagram's revenue this year is likely to exceed $8 billion, showed data from advertising consultancy EMarketer. In India, both Facebook and Whatsapp have come under scanner after the Department of Telecom (DoT) sought to block the social sites citing national security issues. There have been growing concern over privacy issues after Facebook had declared 87 million users' data was hacked by Cambridge Analytica earlier. The Indian government had told Whatsapp it was dissatisfied with the messaging app over steps taken by it to stop fake news and rumours triggering mob violence. Facebook is also facing multiple inquiries from US and British regulators about the Cambridge Analytica user data scandal.

 Instagram co-founders Kevin Systrom & Mike Krieger resign

Facebook signed a multi-year licensing agreement with Universal Music Group Sunday.

The deal&nbsp;among other things will allow&nbsp;users to add copyrighted music to their videos and upload them without getting a takedown notice. It extends to Facebook-owned entities such as Instagram and Oculus also.&nbsp;

In the past, user-uploaded videos with copyrighted music would be taken down but after this deal&nbsp;that won&rsquo;t be the case anymore. This is true obviously for music that only belongs to the Universal Music Group artists, such as Lady Gaga, Kanye West, Eminem, Lorde, and others.

While getting copyrighted music for free seems to be the only benefit for users right now, Facebook says that it is only the first step.&nbsp;

The social media giant also plans to work with&nbsp;Universal Music Group to introduce &ldquo;music-based products&rdquo; on several of its platforms going forward.

Tamara Hrivnak, Facebook&rsquo;s head of music business development and partnerships said,&nbsp;&ldquo;There is a magnetic relationship between music and community building. We are excited to bring that to life on Facebook, Instagram, Oculus and Messenger in partnership with UMG. Music lovers, artists and writers will all be right at home as we open up creativity, connection and innovation through music and video.&rdquo;

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Facebook started entering discussions with major music labels in 2015 as it tried to figure out ways on how to integrate music into its platforms

Facebook signed a multi-year licensing agreement with Universal Music Group Sunday. The deal among other things will allow users to add copyrighted music to their videos and upload them without getting a takedown notice. It extends to Facebook-owned entities such as Instagram and Oculus also. In the past, user-uploaded videos with copyrighted music would be taken down but after this deal that won’t be the case anymore. This is true obviously for music that only belongs to the Universal Music Group artists, such as Lady Gaga, Kanye West, Eminem, Lorde, and others. While getting copyrighted music for free seems to be the only benefit for users right now, Facebook says that it is only the first step. The social media giant also plans to work with Universal Music Group to introduce “music-based products” on several of its platforms going forward. Tamara Hrivnak, Facebook’s head of music business development and partnerships said, “There is a magnetic relationship between music and community building. We are excited to bring that to life on Facebook, Instagram, Oculus and Messenger in partnership with UMG. Music lovers, artists and writers will all be right at home as we open up creativity, connection and innovation through music and video.”

Facebook strikes deal with Universal Music Group, can now use songs in videos

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Instagram co-founders Kevin Systrom & Mike Krieger resign

Facebook strikes deal with Universal Music Group, can now use songs in videos