According to the Wall Street Journal, Facebook is planning to transform its site into a major media hub:
Facebook Inc. is preparing changes designed to make the site a hub for listening to music, watching movies and playing video games, according to people familiar with the matter, in much the same way people already use the social network to share personal media like photos and videos.
Facebook will first launch a music service, which will allow users to listen to music from within the site. It won’t directly host the content, instead relying on partners such as Spotify, MOG and Rdio, who will publish user activity on its pages. These changes are expected to be announced at Facebook’s f8 developer conference on September 22nd. If they all go ahead, Facebook would be well-positioned to corner the market in digital music and media streaming, with its 750 million members.