Facebook to Launch iTunes Competitor

An extremely reliable anonymous source has informed me about Facebook launching an iTunes competitor within their company. Over the past months Facebook has been searching for a CEO to head up this new subdivision. Facebook has been pursuing agreements with a number of record labels. The target market was supposedly college students but unfortunately details are limited.

One thing is for sure though. If Facbook decides to launch an iTunes competitor the existing music applications on the platform are not going to be happy (unless of course they are granted permission to become a lead generation tool for Facebook). This may be a little late on the timing though if downloadable music is eventually going to become free. Regardless, Facebook has been working on this project for many months now. I heard rumors of this back in March but none had been substantiated.

My most recent informant knows one of the people being interviewed for the position. The only thing under question at this point is how are they going to integrate this properly. Also, is this a tangent to their primary business model? Would you buy music from Facebook?