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MySpace Buys iLike in Effort to Best Rivals

MySpace is acquiring online music service iLike, as the social-networking site faces a drop-off in visitors and tries to remake itself as a destination for music, videos, games and other entertainment content.

Terms of the deal weren’t disclosed, but a person familiar with the situation said it’s valued at nearly $20 million.

ILike, started by tech industry veterans and brothers Ali and Hadi Partovi, lets users on social-networking sites share music. It was created in 2006 to retool GarageBand.com, which had sought to create an independent music community for recording artists to promote themselves.

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This entry was posted on Saturday, August 22nd, 2009 at 1:05 am and is filed under Internet News & Updates, Social Media Marketing. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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