Facebook to challenge Apple’s iTunes Store?
Wednesday, March 05, 2008 - 04:27 PM EST"Facebook may be getting closer to launching a music service that competes with Apple's iTunes, the Financial Times reported Wednesday," Caroline McCarthy reports for CNET.
"Sources told the publication that Facebook has been approaching major record labels about licensing deals so that it can sell music through its Web site," McCarthy reports.
"The Financial Times article suggests that like MySpace Music, the shadowy Facebook music initiative would likely offer both streaming music and downloads. 'While details remain vague, record executives said that they expected a service would offer consumers free streams of music, supported by advertising, as well as the ability to pay for downloads in MP3 format, which can be played on any device,' the Financial Times article stated," McCarthy reports.
"In a statement responding to a request for comment, Facebook [said they] 'created informational pages called 'Music on Facebook' and 'Film on Facebook' as guides and resources for musicians, bands and filmmakers wanting to create their own Facebook Pages. The ability for musicians, bands and filmmakers to create Facebook Pages has been available since the launch of the Facebook Pages product on Nov. 6.'"
"Clearly, Facebook wants to make a play for pop culture, but these latest rumors about big agreements with the record labels aren't much more substantial than the ones we read five months ago," McCarthy reports.
Full article here.
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