On September 22nd, Facebook is expected to announce the launch of their first major music service. The rumors of this service have been floating around the Internet since mid-August. Partnering with Spotify, MOG, and Rdio, the company, now valued at close to $65 billion, will most likely make the announcement at their annual f8 developers’ conference.
This announcement caps off a huge summer for music and social media. Facebook setting up a platform for music providers was inevitable. In fact, do not be surprised to see video content sharing on your Facebook home page in the near future. But while Facebook’s giant IPO casts a shadow over all social media, we cannot forget about two other key players in the summer of digital music, Spotify and Turntable.fm.
While Spotify has been in existence since 2008, the Swedish-founded music streaming service really made a splash when they launched their US based service in mid-July. Users could not simply just download the service; they had to be invited to do so by either Spotify or a current Spotify user. Sounds eerily familiar to a popular social media site previously mentioned in this blog post.
And then there was Turntable.fm, the little company that came out of nowhere to take the Internet by storm. Turntable.fm allows users to take their avatars into listening rooms where they can listen to music, chat with other listeners, vote on songs, and even DJ with 4 other users. The service recently launched a smartphone app (and landed $7 million in investment funding). With artists (or rather artists’ avatars) such as Talib Kweli, The Roots, and Sir Mix-a-Lot frequenting their listening rooms, the company could turn into the Twitter of digital music.
Summer 2011 belongs to digital music. And social media was smart enough to enjoy the ride. Let’s also not forget that Pandora went public. Any forward thinking company would be well off to jump on the bandwagon before it becomes oversaturated.
Who do you think will be the next company to embrace digital music/social media?