Myspace Is Going To Grab iLike Just For $20 Million

Myspace Is Going To Grab iLike Just For $20 Million

Myspace (more info) is close to acquiring popular social music service iLike (more info) for $20 million as reported by Michael Arrington of TechCrunch. iLike is a social music recommendation service having more than 50 million registered users. The reports comes just a week after, iLike rolling out a music download store with MP3s available from all leading record labels. MySpace itself will be acquiring iLike, not the social network’s joint venture with the major music labels, MySpace Music. iLike is the top music application on several social networking sites, including Facebook (more info) which has over 10 million users alone. The acquisition is arousing mixed feelings from blogosphere community. Silicon Alley Insider’s headline goes like this Music Startups: What A Crappy Investment.

Michael Arrington acknowledges Myspace by writing

Nearly 10 million Facebook users use the iLike application every month. And iLike has also been a key part of Facebook’s ongoing struggles with what-to-do-about-music. MySpace is now going to own this.

Myspace seems to be the buyer of what is essentially Facebook Music for just $20 million. You can’t usually get a cut-rate like this.