Facebook enters music-streaming battle

Never one to be left out, Facebook is joining the likes of Spotify and Apple, by launching its own music streaming service, according to reports.

The move by social giant Facebook is part of a wider strategy, designed to monetise music videos, says music site Music Ally.

“It’s a mass land grab. Facebook going into the video space was always going to be an enormous, ambitious land grab and no doubt something they’ve been planning for some time as the potential income from ad revenue will be incredible,” one source told Music Ally.

“On Facebook’s move into monetised video, all of us could see it coming for months,” said another source.

“We have all been really utilising it in internal testing. It is way, way ahead of YouTube.”

No dates have been given supplied regarding the official launch – but it is believed Facebook will roll out the service in line with updates to its music video offering.

Facebook’s apparent foray into music streaming comes as revenues from digital music services are set to outpace those from physical for the first time this year, according to IFPI’s Digital Music Report.

Facebook has declined to comment regarding the reports.

The IFPL report highlighted an industry in continuing transition, with consumers embracing the music access models of streaming and subscription.

Subscription services now represent 23% of the digital market and generates $1.6bn in trade revenues.