Like Microsoft trying to capture a meaningful portion of the smartphone market, getting a foothold in the music streaming business is no small feat. The crowded industry is currently dominated by Spotify and Pandora, with Apple Music and Microsoft's recently-rebranded Groove trying to make names for themselves, and the competition is likely to get a lot stiffer with Facebook supposedly entering the game.
If the rumors are true, Facebook is readying a pair of streaming services built for both audio and music video, the later of which would put the company in direct competition with Vevo and YouTube in addition to other major players. At this time, the music video service is said to be further along in its development and could see deployment in the next few months. The music video service would also act as a trial run for monetization that would become the roadmap for the future audio streaming service.
The service would also reportedly feature something similar to YouTube's Content ID system, which allows rightsholders to remove unauthorized distribution of copyrighted content or claim it for themselves for ad revenue. This system would not be built by Facebook but licensed by a third party.
Despite the leaked information, no release date has been revealed for Facebook's purported entry into the music streaming market.