Summary:

We reported on this first in October, Facebook has been setting up meetings with music industry executives as the social net tries to find t…

We reported on this first in October, Facebook has been setting up meetings with music industry executives as the social net tries to find the best way to set up a music service on its site, BillboardBiz reports. Facebook wants to build on the artists’ platform it launched last month. The service lets bands embed widgets on their pages with a variety of promotional features and links to iTunes.

Me-too-ism?: Facebook’s artist platform is pretty similar to what its larger rival MySpace currently has. And in keeping with our report last month that MySpace wants to form a streaming music joint venture with record labels that would resemble the online video arrangement that its parent News Corp (NYSE: NWS). has with NBC Universal (NYSE: GE) on Hulu. No record labels have officially signed on to the MySpace venture, which would offer DRM-free music through an ad supported portal. Word is that Facebook wants to move in a similar direction, by partnering with record labels on distributing music across its site. In addition to streaming, Facebook is interested in offering a DRM-free song download option as well. So far talks are still appear to be in the early stages and no time-frame was given in terms of when the Facebook service would likely be unveiled.

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