MySpace Plans to Acquire iLike

Web-hound blog TechCrunch is fueling a rumor that by the end of the week, MySpace plans to acquire one of its competitors in music social networking, Facebook-favorite iLike.

iLike is a service that connects music-lovers by allowing them to share playlists and concert plans and by recommending music based on those playlists and those of users' friends. The Seattle-based company also connects bands to their fans, offering a place to post songs and updates. iLike's 50 million users can access these services directly at iLike.com, as a sidebar on iTunes and Windows Media Player or as an application on other social networking sites like Facebook, Bobo and even MySpace.

While MySpace's stronghold among competing social networks like Facebook continues to lose its grip, it has become increasingly popular for cultivating relationships between musicians and their fans, making listening samples, bios and tour information available in the same place. And according to TechCruch, MySpace will stifle the threat that looms in its all-too-similar competitor when it purchases iLike for $20 million this week.

Related links:
News: MySpace Lets Go Of 400 Employees
MySpace.com
iLike.com