MySpace to Acquire Facebook Music App iLike
In a bid to expand the company’s reach in the internet market, MySpace.com on Wednesday said that it will acquire the popular music application iLike pioneered by rival Facebook as the company set up goals under a new management.
Following a series of downfall in its online hits and marketing sales, social networking platform MySpace has confirmed rumors and said that it will purchase the iLike application from Facebook for $20 million.
The Seattle-based service company, iLike, has more than 55 million active users.
Incoming MySpace Chief Executive Owen Van Natta, who would replace outgoing CEO and co-founder Chris DeWolfe, said that the service platform of iLike would give the social networking hub the much needed lift.
“MySpace believes that the iLike platform will play a very important role in the new development stage of MySpace not only in the area of music but for the whole entertainment aspect of the website, as well,” Van Natta said.
He added that the technology is perfect partner with MySpace’s music venture, which was signed early this year.
With the tandem of iLike and MySpace Music, users can now incorporate and use latest music files from major recording companies.
However, Van Natta said that they are still finalizing several other measures before they could merge the two music programs.
Under the $20 million agreement MySpace and its users will be allowed to share various files such as videos, music, and games in their webpages. The iLike program can be attached to other applications such as iTunes of Apple Inc., which also gives recommendation to users on what songs are available, notifications on upcoming concerts, and tweets from Twitter.com about different artists and gigs.
It will be recalled that Facebook has listed the program in the Top 8 applications in the website and the third most popular search in the social network’s entertainment segment.
For their part, Facebook said that it is not worried with the acquisition, saying that the number of members will certainly not be affected by the deal.
But according to the latest Nielsen report, MySpace Music did pretty good in the past few months following its release last September.
Based on the figures, it has now more than 12.1 million active users.
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