Facebook may be launching music streaming service

Facebook is reportedly in talks with major music labels with a view to building a new music streaming service. The service would be ‘Spotify-style,’ reports claim, with tunes available to stream right there on the site.

Reports indicate that the company has initiated talks withlabels including Universal Music Group, Sony Music Entertainment,and Warner Music Group.

The news comes to a crowded market, with Spotify's increasedpopularity and Apple Music having recently joined the pack. Asocial media site like Facebook has the advantage of alreadyknowing its users' musical tastes, meaning more specialisedrecommendations are possible.

Since word of mouth is still one of the key ways that peoplefind out about new music they might enjoy, on a site where they arespending time with friends this can be done a lot more easily. It'salso supposedly taking advantage of the convenience factor - whenusers are on Facebook, they may be more likely to stream musicdirectly from it rather than bringing up a second app.

The missing element is finding a way to make music streamingprofitable, but the company is reportedly working on this.

The social network is also expected to start launching musicvideos directly on the site within a few months, as part of apartnership with a video-savvy third party. Reports indicate thatthey may be looking for ways to monetise this too.

Source: Fast Company

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