Is Facebook eyeing a music-streaming service, a la Spotify?
Sources told Eamonn Forde of Music Ally this is indeed the case, adding that the timing is unsure, as the social network wants to solidify a system where it pays music rightsholders for the rights to play their videos.
According to Music Ally, Facebook plans to launch a system similar to YouTube’s Content ID to help rightsholders identify their music videos and either order that they be removed from the social network or begin collecting associated ad revenues.
One source told 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.
And a second source said:
On Facebook’s move into monetized video, all of us could see it coming for months. We have all been really utilizing it in internal testing. It is way, way ahead of YouTube.
According to those sources, once the system for music video content is up and running, Facebook will turn its attention to audio streaming. Music Ally said its requests for comments from Facebook, the three major music labels, independent licensing agency Merlin and collecting society PRS for Music were all denied.
Readers: Would you try out a music-streaming service from Facebook?
Images courtesy of Shutterstock.