“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).” – by Elizabeth Potts Weinstein
When you post content on Facebook, for instance, you are giving Facebook a license to use your content.
I want to make a special note here… When this TOU for Instagram goes into effect, the only way you can “opt out” is to delete your account. There is not “Security Setting” or “Opt Out” for this condition.
If this works for Instagram, be prepared… This will become a big money maker for websites and will spread.
Be safe and be blessed!