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Recently MySpace signed a deal with major record labels to channel music into it’s social behemoth site. Now following the lead there is a  huge rumor that Facebook will be soon announcing its’ own music service.

It is speculated that the site is currently looking forward to signing deals with major players in eth industry to revolutionize Social Web Music Industry calling its as a “outsourcing deal.” Facebook is already hosting a number of third party apps on its site for music and video content.

So what’s the bait now?: iLike, a music site with more than 5 million users can be a big buy out for CEO mark zuckerberg, Imeem, and Pandora are also contenders.

But will it be successful? yes I really think because Facebook already hosts third party apps and introducing music services to users will be and added benefit and source of stream revenue generation fro both the music labels and Facebook, online music industry itself being a multi billion dollar market. Legal downloads could be introduced, making the social website behave as peer to peer application but with a twist of social recommendations from friends etc.

One thing important to note is that online music industry is really growing as well, and facebook with it’s platform could harness revenue far beyond expectation. What do you think will mark zuckerberg be eating the Apple Out, or Zune-ing it’s music platform…

Only time will tell. Leave your comments….