With rumors floating on blogs and Internet sites that myspace will soon be offering a Imeen or Last.fm type free streaming music service (obviously with a "for sale" rack too) it is no shock that the rival online community known as Facebook would be not far behind. While there has been some music related buzz surrounding Facebook in the past, Facebook up until now has just stuck to allowing users to display and play 30 second clips of their favorite artists on their page...
It has been brought to the online music world's attention today that supposedly Facebook will be holding meetings later on this week with major labels and other music industry professionals regarding the possibility of adding a section to the website where you, the Facebook user, can acquire music. Facebook will have to bring in other parties to help set up such a 'zone' on their site and will have to take an innovative approach to the marketing tools used and layout (don't want it to be complicated to navigate, consumers get frustrated!) and will be up against the likes of the oh-so-popular and just-won't-die myspace and obviously Rhapsody and the other online free stream and download optional sites. Facebook, don't worry- no pressure!
With album sales still dropping like they're hott and the online music craze showing no signs of slowing down my personal thoughts are that major labels will be nervous, but will most likely like to hear a more detailed score and view a more descriptive blueprint to the plan. There will certainly be some funky royalties to analyze and some additional work for record labels' ever growing new mixed media department...but will it pay off in the long run...well, I guess only time will tell. Though it has been projected that by having both myspace and Facebook, both are strong forces in the social networking and music promotion world, can only help at this stage in the game.
I would like to ask the reader- What are your thoughts on an online community jumping in the music acquisition market? Do you think this will help or hurt the artist and their label?
*By Amanda who thinks Facebook should keep its day job*