MySpace To Acquire iLike Social Music Site

In a possible acquisition by MySpace, iLike may soon be integrated into the second most popular social networking site in the world. iLike is a social music site that allows its users to stream music based on their likings over the Internet and allow their music tastes to be shared with friends.

MySpace already runs MySpace Music, a similar type service but MySpace may be interested in gaining the iLike user base as well as the technology behind the iLike service. iLike is said to have over 50 million registered users, but it's not know how accurate that number is nor do we know how many of those registered users are also registered MySpace users.

The price for iLike? A measly $20 million which seems very low for a site on the magnitude of iLike. Perhaps the company is running out of funds and there is no advertising model there for them to generate additional funds and they at the end of the rope.

We'll see how the transaction plays out and how MySpace plans to integrate the service into their site, if that's what they plan on doing after all.