Music Ally reported that Facebook was interested in entering the streaming music subscription business, competing against Google, Spotify and Apple, but the social network has come out and squashed those rumors.
"We have no plans to go into music streaming" said a Facebook spokesperson, where instead the social network is reportedly working on something unique and new. Music Ally reports that the new service could be a video sharing service, something that would compete directly with YouTube.
Facebook's purported video streaming service would offer up YouTube-like Content ID matching, competitive stream rates, and we're sure that it will feature music streaming, too. An insider source told Music Ally: "We have all been really utilizing it in internal testing. It is way, way ahead of YouTube".