If you like Spotify now, then you just might like your Facebook even more when it starts its music streaming. SkyNews reports in its Business News that Facebook is in its early stage of building its own music streaming.
Facebook intends to rival Spotify, Tidal and Apple Music. Of the three, Spotify is the big player with 15 million paying customers and 45 million who use the free tier. Music mogul, JayZ, owns Tidal, but the higher prices cannot compete with Spotify. Meanwhile, Apple Music launched big with a free three-month trial, but after the period, they could not hold on to their listeners because of the subscription requirement.
Facebook is just on its early stage on this project. It requires negotiations regarding music rights, for starters.
The challenge for Facebook is whether to buy or build their own. Historically, they have always been a company willing to invest. It paid a huge $ 19 billion for its messaging app. For its music streaming, Rdio is a possible buy. Technology experts, however, believe that Facebook just might build their own.
Before their music streaming, they expect to launch first the hosting of music videos, this time to rival YouTube. Facebook is even willing to match the per-stream rates of its soon-to-be competitor. The income lies on the ad placements.
Facebook was founded in 2006 by Mark Zuckerberg with fellow Harvard student, Eduardo Saverin. Their target was to attract anyone aged 13 up, with a valid email address. In 2010, the site averaged 400 million visitors per month.
Even if Facebook can get just 10% of this number, it will still have better figures than Spotify. Facebook users would find it most convenient to listen to their choice music without having to leave their page. Everything would simply be there.
