Social music site iLike is trying to sell itself and is soliciting bids from RealNetworks and Ticketmaster, reports AllThingsDigital quoting unnamed sources. The media blog adds iLike is also considering raising venture capital as an alternative to a sale.
iLike launched in 2006 as a music-focussed social network and recommendation service. The company came into the limelight last year when it launched a Facebook app that lets users upload songs and music clips to their profile. iLike has since become one of Facebook's most used apps, with more than 5.4m active users every month. The company has raised USD16m in venture capital since its inception. Most of the funding came from Ticketmaster, which owns a 25% stake in the startup.
The report comes as rival music service Imeem announced is laying off 25% of its staff in a bid to reduce costs -triggering speculation that the company may put itself for sale.
StrategyEye's related companies: Ticketmaster, iLike, RealNetworks, Facebook, imeem
