Facebook In Talks With Music Labels, Sparking Rumours of Its Own Streaming Service

Facebook is reportedly in talks with major music labels fuelling speculation that it will launch a streaming service to rival Apple Music and Spotify.

According to The Verge, multiple sources have reported that Facebook has had meetings with Sony Music Entertainment, Universal Music Group and Warner Music Group about ‘getting into music’.

The news comes just two days after the long-awaited launch of Apple Music and its Beats 1 radio station.

While a music streaming service may be in development, one source suggested that the meetings may be related to Facebook’s video platform as the social network wants to do something ‘unique’.

Facebook now has more than 4 billion video views a day, an rapid increase since the 1billion reported in September 2014.

In a recent Q&A session, Facebook boss Mark Zuckerberg (pictured) stated that he believes video will soon be more important than photos.

As The Verge points out, Facebook is the only one of the ‘big five’ tech companies - the others being Apple, Google, Amazon and Microsoft - not to offer a music service.

Neither Facebook or any of the music companies allegedly involved have made any official comment on the rumours.

(Image credit: Miquel Benitez/REX)