All the attention might be on Facebook's advertising aspirations, the Microsoft investment, and Google's OpenSocial initiative. But don't think Facebook has forgotten about MySpace, which still has a lock on the music market, thanks to bands which discovered the site as a way to connect with fans. One report has Facebook launching a long-rumored platform for musicians at the Ad:Tech conference.
"Facebook Music" will be the next salvo fired at MySpace. The platform will give musicians, as we suspected, their own miniature network where users can become "fans," watch videos, listen to music, interact with the band and other users and get tour information.
We still think a partnership with iTunes makes the most sense for Facebook, as iTunes is by far the largest digital music distributor. But, a standalone Facebook music store wouldn't be out of the question. Look for some fancy in-house applications as well, possibly competing with music-focused iLike, one of the most popular apps on Facebook.
Advertising and promotion of new artists and albums could tie in to SocialAds or the enhanced Facebook Flyer system. If a band shares fans with Green Day, for example, they could focus their ads and attention on Facebook users who list Green Day as their favorite bands. (And we, meanwhile, could make sure to unfriend those people.)