It would appear that Facebook has plans to expand its business into another area, the company is apparently working on a new Facebook Music streaming service.
The news comes in a report from Music Ally, who have received some inside information about the company’s plans for a new streaming service.
Facebook has apparently been working with music labels to provide ad supported music videos on the social networks, but this is apparently only part of the company’s plans relating to music.
Facebook and the record labels are apparently in the advanced stages of negotiation on the music video part of the service, this feature is expected to launch some time within the next few months.
The company’s main plan for music on its platform is to offer a service similar to Spotify to its users, although this will apparently come later on, once the company has established its new music video service.
Whether Facebook plans to build their own music streaming service, or buy one remains to be seen, the company could go after someone like Spotify, as they have paid more in the post for other acquisitions like Whats app, than the value that it currently put on Spotify.
This would suggest that we wont see a new music streaming service from Facebook until next year, the new music video service is expected to launch before the end of the year.
Source Music Ally
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