With a huge chunk of music now being listened to through streaming platforms, big tech companies have started stepping in to offer their own services. Apple Music has just kicked off, and now it sounds like Facebook is planning to get in on the game as well. Via Music Ally:
It’s Facebook’s plans to build on this with a Spotify-style audio streaming service that are making waves within the music industry, even though the launch date and specifics of the business model and payout formula have yet to be nailed down.
Sources have told Music Ally that an audio service is very much on Facebook’s roadmap, but that both the social network and rightsholders realise that it has to get the monetised-video service right first. Again, the performance of the content ID and protection system will be a crucial factor.
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Music Ally’s sources expect Facebook to build rather than buy, although they do not see that strategy as set in stone.
So don’t expect any of this to happen soon – it could take Facebook a year or longer to properly roll out their video ad system. But when over 70 percent of online adults in the U.S. regularly use your site, you don’t have to be first. You just have to offer something unique, and Facebook is in the perfect position to combine streaming music and sharing between friends into a service that could change the way music is discovered online.