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August 18, 2009

MySpace close to Acquiring iLike

MySpace to Acquire iLike?: "TechCrunch reports that multiple credible sources have confirmed that MySpace, is close to fighting its way out of consistent bad news by a possible acquisition of music-social site iLike. TC lists the price tag as $20 million for the first acquisition since Owen Van Natta (former COO of Facebook) took the helm in April.

iLike is a social music recommendation system. Presently the iLike app at Facebook profiles nearly 10 million users. TechCrunch reports that it’s the top music app on Facebook—and Bebo and Hi5 and most social networks (other than MySpace, which has MySpace Music). With such a wide user base, it seemed like that Myspace had found the perfect solution to reverse its flagging fortunes .

TechCrunch adds that iLike is so integrated into the Facebook experience, most expected Facebook, not MySpace, would acquire the site. Now MySpace ius now on its way to acquire iLike, which is perhaps the most successful implementation of music on Facebook.

Note, too, that it’s MySpace, not MySpace Music, making this acquisition. For the uninitiated MySpace Music is a joint venture between the social network and music labels where users can listen to free music, follow artists and purchase downloads.