In the past, CEO Mark Zuckerberg has referred to Facebook (FB) as a media company, rather than a social media company.
On the surface, it would appear that he is wrong. Facebook connects billions of people through its network, sharing stories, tagging photos and liking statuses. As time goes on and users dig a little deeper though, it appears -- of course -- that Mr. Zuckerberg is correct.
Or at least, he will be correct.
Some investors had feared that Facebook would one day end up like Myspace. A broken down, mostly forgotten social media site that died out after users found other platforms more appealing.
That's why Facebook has made such an effort to move into other realms, such as live-streaming video. It's why the company is making a push into video content and now, music.
It's interesting how quickly Facebook has grown and as a result, who it now has to face in different arenas. For example, its goes against Twitter (TWTR) when it comes to online news and has Snapchat going head-to-head with its Instagram unit.
For music and music videos, an overwhelming amount of people flock to Alphabet's YouTube platform. So for Facebook, there's obviously big competition. But by sheer volume -- Facebook has over 1 billion active users -- it could certainly make a dent and take market share.
Especially when you think of social sharing. When a user sees a music video they like on YouTube, they share it on Facebook. But what if the source of the video is on Facebook?
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