MySpace all set to acquire iLike for $20 mn

BANGALORE, INDIA: In an apparent attempt to further cement its identity as the home for bands and new music, social networking website MySpace is reportedly close to acquiring iLike, a social recommendation music service with over 50 million registered users, for $20 million.

The deal is expected to close this week, say media reports.

iLike, which launched in 2006, is the top music application on Facebook, with nearly 10 million using the tool a month.

iLike helps in tracking what songs you listen to and enjoy, and then gives you recommendations on new music based on that information. The application has enjoyed major success across most social networks, excluding MySpace, which has its own streaming service – MySpace Music.

MySpace’s potential acquisition of this tool, according to industry blog TechCrunch, is being seen as a real statement to its rival Facebook.

Even as Facebook does not have a clear music strategy and has relied upon tools such as iLike to handle that side of its audience’s interest, it is reportedly highly unlikely that MySpace will allow the tool to continue to be used by any social network.

iLike has been busy in the music space in recent weeks, offering new artists cheap mobile phone app builds from $99 and, at the end of last week, launching its own download store in the US.

This would be the first acquisition after Owen Van Natta, MySpace’s current chief executive, assumed office in April 2009.

MySpace is undergoing a revamp at the moment, having started to lose share against Facebook and reduced its global staff count by 720 in the last couple of months. A merger of the two would help put MySpace back in the race.

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