MySpace to Acquire iLike, Facebook noLike

Some promising news from the MySpace camp comes with the pending acquisition of the number one music application on Facebook, iLike. The deal is set to close around $20 million and puts Facebook in an uncomfortable position, with it’s number one social media competitor owning one of the top applications on the Facebook platform.

In a recent SWOT analysis MySpace recognized music and entertainment as a strength, declining market share as a weakness, iLike as an opportunity, and Facebook as it’s number one threat. Going back to business basics has allowed MySpace to make a very smart move while biting it’s thumb in the direction of Palo Alto, CA.

How Facebook plans to respond once the deal goes through is anyone’s guess. Banning the music application will probably be a bad move with over 30 million iLike users on Facebook. Allowing MySpace to have internal influence over a portion of Facebook users may not be a good option either. It will be interesting to see how this one plays out.