Hot on the web today was word that Facebook is secretly working on an iTunes killer music store, and while it could be fairly easily seen that way, I think what they are really doing is more along the lines of a MySpace Music killer. Music and social networks just seem to naturally go together. I belong to two Networks on Facebook, the #1 ‘Top Interests’ for both: Music.

Back in May word was that a launch of Facebook Music was imminent, but that never came to fruition. Still, it seems likely that the rumor was very real and that this is that same never-launched service. I also wondered at the time if this service would take on not only MySpace but Last.FM and maybe even Pandora as well.

Facebook launching a Pandora-type Internet music feature may actually make sense for them. Yes, it would be expensive, but it would also assure a lot more time spent on the site, hooking users even more and putting more eyeball time on those ads. Imagine being able to listen to music while you browse a profile or play with an app. If you can buy it from Facebook that’d be a bonus, but maybe instead they just have a link back to iTunes or to Amazon’s new MP3 store. Maybe smaller, new indie bands you can download tracks directly for free or a small fee (remember Facebook does have a payment system in place for those silly gifts).

Whatever it is and whenever it launches, Facebook Music should just add to the lore of Faceboook.