The social networking war still rages on. Facebook might have displaced MySpace as the new top social networking site in the world but MySpace will not be ruled out of the competition. It is set to buy the online music application iLike.
MySpace struggled to maintain its hold of netizens since it was bought out by NewsCorp back in 2005. Its acquisition of iLike will give MySpace both new technology and iLike’s existing user base. iLike has currently 55 million users and is the top online music application on the Web today.
iLike’s functionalities include sharing music playlists and concert alerts. The app also provides links to ticket websites aiding in the whole aggregated experience. The thing about iLike is it’s also a Facebook application. MySpace, however, will not be locking out iLike as a MySpace-only app. iLike will still continue to exist as an application to other rival social networks.
The purchase amount is undisclosed. Big bucks are most likely to be involved which raises the question, how are these online applications monetized. Facebook has yet to make any real revenue but is currently valued in the billions.
Source: CNN
