According to the New York Post, Facebook is reportedly considering adding music to its popular social networking site, either as streaming to compete with MySpace or as a pay-per-download site such as iTunes.
MySpace recently launched their streaming MySpace Music service and promptly hit 1 billion plays within 3 days.
Facebook would be joining up with either Rhapsody.com, iMeem.com, iLike.com or Lala.com, says the report and also notes that Facebook is in talks with the Big 4 labels.
“Facebook is a serious challenger to MySpace and they would certainly want to do anything that record labels would allow them to do with advertising-supported music,” said Phil Leigh, senior analyst at Inside Digital Media. “Advertising-supported revenue would be good for Facebook and certainly free access to recorded music would be good for Facebook members. It would be good for the labels, too. If the MySpace deal is working out well, then the labels would probably want to replicate that on Facebook.”
We will keep you updated with any developments.