socialmedian: Breaking: MySpace Close To Acquiring iLike For $20 Million

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MySpace Close To Acquiring iLike for $20 Million By socialmediangal

Aug 18, 2009

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Breaking: MySpace Close To Acquiring iLike For $20 Million

Source: TechCrunch

Aug 17, 2009

Summary

MySpace is close to acquiring popular social music service iLike, we’ve confirmed with multiple sources. The deal, which should close this week, will be MySpace’s first acquisition since new CEO Owen Van Natta took control of the company in April 2009. The price is “around $20 million.”

iLike, which launched in late 2006, is a social music recommendation service that now has more than 50 million registered users. It tracks what you listen to and like and gives you recommendations on new music based on that data as well as what your friends are listening to. It is the top music application on Facebook, Bebo, Hi5 and just about every other social network other than MySpace, which has MySpace Music.

iLike also hosts band pages which are second in popularity only to MySpace Music. By acquiring iLike, MySpace solidifies their already leading position as the most popular online identity for bands. Last week iLike also launched their own music download store.

Details are still flying in, but at first blush the deal is particularly interesting for two reasons.

First, si

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