Having witnessed fellow giant Apple using its brand value to literally bulldoze its music streaming service into the mainstream, Facebook is mulling an entry into the streaming space before the end of the year.
If you were squirming with joy at the prospect of getting to access almost 30 million tracks on a three month free trial with Apple Music, Facebook might just do a ittle better with a dedicated streaming service for music videos.
Currently trialling an ad-supported native video service, reports suggest that Facebook will launch a music video platform in the next few months that will run solely on the social network's website and apps. Facebook will be paying royalties to artists for playing their videos on its platform once the new service is launched.
"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," said Music Ally.
A streaming service for audio tracks will follow the video service once a business model is finalized. The new service will rival players like Spotify and Apple Music for global subscriptions.
However, we do not know yet if the streaming service will be launched as a separate app or whether it will be embedded within Facebook's app. Facebook is yet to comment.