Oct 18, 2008

Business - Facebook eyes digital music business

NEW YORK: Social networking site Facebook's founder and Chief Executive Mark Zuckerberg plans to enter the digital-music business in the wake of the
launch of News Corp's MySpace Music last month, media reports said.

Zuckerberg is talking to a number of song-streaming services and music community sites, including Rhapsody.com, iMeem.com, iLike.com and Lala.com about an outsourcing deal, reports said, citing sources familiar with the situation. Facebook executives have been busy meeting major record companies about the strategy.

Reports quoted sources saying that unlike MySpace, which traded equity in its music venture in exchange for licences to stream ad-supported songs, Facebook doesn't want to secure licences to distribute music, or build a proprietary service from scratch. Sources further cautioned that nothing was imminent, and Facebook may ultimately walk away from the plan altogether, the paper reported. Facebook did not immediately return calls seeking comment.


Anonymous said...

Can you believe that crap? I thought that's what Facebook was.. a retreat for those of us who are sick of the glitter graphics and annoying music.

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