Is Facebook set to launch its own streaming service? (short answer: “No”)

Update: In a statement to Billboard, a Facebook representative denies the rumours. They say the company has “no plans to go into music streaming.” A separate source - at a major label - also said Facebook have had no discussions for any streaming service.

Just a few days after Apple Music’s launch, another giant could be entering the fray of the music streaming world.

Facebook is reported to be considering a move in competing with Spotify and Apple Music. Sources close to Music Ally told the publication that Facebook is looking to pay royalties for music videos, before moving into the audio streaming world.

“It’s a mass land grab. Facebook going into the video space was always going to be an enormous, ambitious land grab and no doubt something they’ve been planning for some time as the potential income from ad revenue will be incredible,” one sources tells the publication.

“On Facebook’s move into monetised video, all of us could see it coming for months,” says another source. “We have all been really utilising it in internal testing. It is way, way ahead of YouTube.”