Everybody relax! Facebook isn’t planning to take over music streaming
Facebook has denied reports claiming is has imminent plans to launch an audio-based music streaming service.
To the likely relief of Spotify and the other big players in the digital music market, the social network says it has no designs on entering the competitive sector.
The statement issued to The Verge simply said: “We have no plans to go into music streaming.”
Wednesday’s report from Music Ally had claimed Facebook planned to introduce music videos before eventually expanding into audio.
Facebook does believe its Suggested Videos initiative will enable it to cut into YouTube’s dominance of ad-revenue, but there has been no mention of an audio service from the compay
One source reportedly said: “It’s a mass land grab. Facebook going into the video space was always going to be an enormous, ambitious land grab and no doubt something they’ve been planning for some time as the potential income from ad revenue will be incredible.”
Read more: Apple Music vs Spotify: Which is the streaming king
However, while the music videos are likely to arrive within users’ feeds sooner rather than later, the report merely said the audio streaming was “on the road map,” with launch date, business model and payout formula yet to be confirmed.
Facebook’s denial could put paid to that right now, but it doesn’t rule out the social network taking a stab at streaming in future. For now, the steaming companies can rest easy. Facebook isn’t coming for you… yet.