Facebook planning to release its own music video streaming service

Facebook recently launched its own video streaming platform and it seems like the social media giant is now rounding up to take on the likes of Apple Music and Spotify.

Tech enthusiasts speaking to Music Ally claims that Facebook has been in talks with music labels in a bid to launch its own music streaming service.

But users might not see the service platform launch anytime soon as, according to the report, the company wants to get the monetization side of its new video platform (which is set give advertisers 55% of ad revenue) stable before delving into a viable audio streaming business.

Users could end up having Facebook entering the music streaming game late, considering how many services are already available to its vast number of users.

For now though, users might be seeing music videos surfacing on Facebook in the next few months, as according to the reports - the social media giant is in final stage with music labels to get their music videos on Facebook.

With such a powerful worldwide user base, release of this service could end up being a stronger threat to YouTube. And with potential for a tied-in video platform, the music service could also be a threat to the likes of Spotify, Tidal and Apple music.