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Music Service iLike In Search Of A Buyer: Report

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Social music service iLike is on the block, MediaMemo reports — with existing stakeholder Ticketmaster and online music pioneer *RealNetworks* at the top of the potential buyers list. ILike has raised about $16 million in funding since its launch in 2006, with Ticketmaster and Bob Pittman’s Pilot Group as its investors.

If this situation sounds familiar, it’s because it is. Fellow music-focused social media company Imeem is also on the hunt for a buyer, a sign that both companies’ management teams are wary of functioning independently in an increasingly cash-strapped market. Still, investors haven’t shied away from from pumping money into the digital music space: distributor TuneCore closed a $7 million funding round just last month, and Facebook has even been pondering its own music offering. Facebook also could be a likely buyer, given that iLike is one of its most popular apps, attracting about 5.4 million active users per month, but a pure stock play is likely to go over as well as it did with Twitter.