Mergers and Acquistions News
Categories: Media & Information Services
August 20th 2009, 13:23PM
MySpace is understood to be about to buy iLike, a social music group that is already the most popular music application for social networks.
It currently has over 55 million users accessing its online music discovery technology to provide them with a vast array of music on their computers, with many users utilising the technology on MySpace's main rival, Facebook.
"The iLike acquisition advances our relentless pursuit of innovation and the need to create new distributed social experiences in music and beyond," explained Owen Van Natta, chief executive of MySpace.
He added that the technology deployed by iLike is not music-specific, meaning MySpace could harness the innovations developed by iLike to deliver a range of other services to users.
Social media has become a massive market in recent years, with the likes of Facebook, Twitter and MySpace surging in popularity.
Although those behind the projects have not yet found a way to make social networking websites profitable enterprises on their own, most experts believe it will only be a matter of time before a successful business model is developed.
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