Billboard is reporting that due to the falling shares of Facebook (currently around $18.06 from its initial offering of $38), the company will not make music a focal point in the coming months and years.
The stock plummet isn't the only cause for FB not to pursue more music integration with Spotify, Internet radio services, subscription services and ticketing companies. Its conversion to the timeline format in December has “eroded the value of FB for musicians, turning a potential one-stop shop into just another place to visit.”
BandPage, a popular music app originally built for FB artist pages, have expanded their reach to the blogosphere, depending less on FB. Also looking to create a destination for bands unsatisfied with their online presence is MTV. They've created Artists.MTV, which is currently in the public beta stage, to create profiles that look like this.
“Improving its mobile platform and monetizing its growing mobile audience” are FB's top priorities, not a greater focus on music, predicts Billboard.