Posted August 17, 2009 1:28 pm by with 5 comments

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ilikemyspaceTechCrunch reports that multiple credible sources have confirmed that MySpace, the first social network to garner the hype (then hatred) of the media mind, is fighting its way out of stagnation with a possible acquisition of music-social site iLike. TC lists the price tag as $20 million for the first acquisition since Owen Van Natta (former COO of Facebook) took the helm in April.

iLike is a social music recommendation system. You may have seen the iLike app on friends’ Facebook profiles (or use it yourself), since the app has nearly 10 million users. TechCrunch reports that it’s the top music app on Facebook—and Bebo and Hi5 and most social networks (other than MySpace, which has MySpace Music). With such a wide user base, it seems like iLike was ripe for the picking.

TechCrunch rightly points out that iLike is so integrated into the Facebook experience, most expected Facebook, not MySpace, would acquire the site. Now MySpace will pwn own the most successful implementation of music on Facebook.

Note, too, that it’s MySpace, not MySpace Music, making this acquisition. (MySpace Music is a joint venture between the social network and music labels where users can listen to free music, follow artists and purchase downloads.)

Until one of the participants confirms the deal, however, we’ll keep this in the “rumors” file.

What do you think? How could buying iLike benefit MySpace? How will it affect Facebook?