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News
Facebook Considers Move into iTunes Market
Tuesday, March 4th, 2008 at 3:00 PM - by Jeff Gamet
The social networking site Facebook is considering moving into the online music service market, potentially bringing it into competition with Apple’s iTunes Store. Site representatives began approaching record labels in the past week to discuss the possibility, according to the Financial Times.
There aren’t many details yet about what Facebook’s music service might entail, but record label executives expect it could include free ad-supported music streams along with pay-per-download songs in MP3 format.
Facebook isn’t the only social networking site considering a jump into the online music business. Market leader MySpace is already working on its MySpace Music service which could also include concert ticket and merchandise sales along with music downloads.
Facebook has already added a MySpace-like feature that lets bands build their own promotional home pages. That feature lets bands link to the iTunes Store so fans can purchase their music, which may be at odds with Facebook’s new plans.
Should Facebook follow through with its own online music service, record labels will likely see it as an opportunity to try to strip away some of Apple’s control over the legitimate music download market.
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