According to the rumors, Facebook will offer more to bands than MySpace does. They will let bands and labels to create pages, and let them embed custom widgets to market their events and music.
Widgets are hot right now with popular widgets selling for thousands just weeks after they are launched. The most popular widget on Facebook is iLike. Sources say the widget will be like that plus there will also be an iTunes widget for listening to clips from songs. Later you’ll be able to buy music too. Instead of being busy and being flashy, the Facebook pages will be more no-nonsense. Facebook is contacting music labels to gather support for the service.
Facebook is competing directly with MySpace, not with iTunes, which is telling. The article points out that bands have a deep loyalty to MySpace. However, if Facebook makes it easier for bands to promote themselves and adds customization, maybe Facebook can build its own following.