In other words, they get to store all of the images you take or videos you create and store, distribute, or make profit off of them.
Unfortunately we can't say that this is abnormal. This appears to be par for the course as many other social media networks and services have updated their terms of service to collect more and more information from users. This is why it is more important now than ever to carefully read through the terms of service before using social media networks. We know they're long and tedious, but you definitely want to be aware of what you're agreeing to before you use a service and find that your privacy has been majorly violated.
In any case, handing out some of your information is unavoidable these days so you're best line of defense against intrusions of your privacy and identity is to be vigilant—this means creating hard to guess passwords, changing your login information a few times a year, monitoring your bank statements, and looking through your credit reports. And remember, anything you post online or on social networks is public and permanent, so be cautious about what you say online.