TechCrunch reported this morning that Myspace will acquire the popular music social networking site iLike. The deal is expected to be closed later this week for approximately $20 million. The interesting twist is that iLike, with over 50 million reported users, is the top music sharing service on many other social networking sites including Facebook.

This seems like a savvy move on the part of Myspace but is it too little too late? Most users of the site I have talked to have seen it become a bit of a ghost town. My experience is that it is becoming a medium for artists to promote themselves to other artists who are busy promoting themselves. This acquisition will definitely hit at one of Facebook's weak points.

What this means for the music biz remains to be seen. For Facebook users who share music this will have to mean losing the use of their favorite music sharing method.