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Facebook is reportedly readying to launch an iTunes competitor and is actively pursuing deals with a number of record labels. All Facebook reports that the company is also looking to hire a CEO to head the new division, and has been working on the project since March.
Launching a music store would make sense for Facebook, especially if they can follow the DRM-free model recently unveiled by Amazon. The site has tens of millions of potential customers, and there are surely some clever social angles Facebook could put on a music store. Currently, the music scene on Facebook is dominated by third party apps such as iLike.
We will see if anything materializes here, or if this proves as baseless as the rumor that the "Where I've Been" Facebook app was sold to TripAdvisor for $3 million.