| 24 Feb 2024
Facebook could heat up the music streaming business

MUMBAI: Even with the numerous options currently available in streaming services, music fans might soon get yet another one. Reports state that a new entry in music streaming is very likely, and that it may come from social media giant, Facebook.

A report on MusicAlly stated that the social network is already deep in development of the service and will be launching music videos over the next few months through partnership with a third party. It added that the strategy will help Facebook monetise music videos, which will be “an important stepping stone towards the on-demand audio service”.

The report also said that like YouTube, Facebook will also ensure royalties are paid to rights holders, and will match those rates of the video streaming giant, right from launch time. However, a business model for the streaming service is yet to be finalised, as the network wants to get its video streaming service in place before jumping onto the music streaming bandwagon.

It is a strong possibility that Facebook could dive into the music streaming business, alongside Pandora, Spotify and Apple Music, as the company is said to have been in discussions with music labels over the last week.

Should Facebook succeed at launching its very own music streaming service, it is likely that the network will have a better launch response than most other services, considering it currently has more than one billion users- a record breaking number.