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Facebook eyes digital-music business: report
October 17, 2008 / 9:51 AM / 9 years ago

Facebook eyes digital-music business: report

(Reuters) - 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, the New York Post said.

<p>Mark Zuckerberg, founder and CEO of Facebook, delivers a keynote address at the company's annual conference in San Francisco, California July 23, 2008. REUTERS/Kimberly White</p>

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, the Post reported, citing sources familiar with the situation.

Facebook executives have been busy meeting major record companies about the strategy, the paper said on its website.

The Post quoted sources saying that unlike MySpace, which traded equity in its music venture in exchange for licenses to stream ad-supported songs, Facebook doesn’t want to secure licenses 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.

Reporting by Shradhha Sharma in Bangalore, editing by Will Waterman

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