MySpace buys iLike music service

ILike allows users to share music selections and recommendations

Social networking site MySpace has agreed to acquire music sharing service iLike. Terms of the deal were not disclosed, but media reports place the total value at roughly $20m (£12m).

ILike specialises in web applications that allow users to share music selections and recommendations with others. The company offers widgets for social networking services such as Facebook and iGoogle, and claims to have some 50 million users.

MySpace chief executive Owen Van Natta revealed little about the company's long-term plans for the new purchase, but confirmed that it will keep iLike's headquarters intact and will not make any changes to the service itself.

"The iLike acquisition advances our relentless pursuit of innovation and the need to create new distributed social experiences in music and beyond," said Van Natta.

"We are deeply committed to bringing world class talent into all areas of the company, and this acquisition demonstrates our focus on this objective."

The deal is the latest move by MySpace in its efforts to keep pace with Facebook. Van Natta was hired in April to replace Chris DeWitt, and the company has been desperately looking for new ways to lure users.