What? Yes, you heard that correctly. There’s word going around that Facebook is working on an online MP3 download service that will compete directly against the iTunes Music Store. There have been plenty of people launching Facebook applications, trying to land a few quick bucks, but this is the first time that I’ve heard of a venture quite this large and coming straight from Facebook to boot.
Naturally, this rumor is pretty far out there and it is nowhere near being confirmed by the social networking site. There are rumblings that Facebook is “pursuing contracts with several major record labels”, ensuring that if they were to launch an online music store, they’d open the doors with a massive catalog right away. We also hear that Facebook is looking to hire a new CEO to run the music store, indicating that it could be an “entirely separate business venture.”
One critical advantage that the Facebook Music Store would have over iTunes is that they already have all of their user’s information. They have access to what they claim to be their favorite songs, movies, hobbies, and so on, so Facebook could totally cater to their marketplace. Imagine logging into your Facebook account and being offered the exact MP3 you’ve been seeking.