When Mashable, TechCrunch and Wired all rumoring about Facebook Music channel, this must be true. According to the above and CO-ED mag Facebook Music is about to launch next week during the Ad:Tech conference in NYC (which I will be attending, so will keep you posted on further developments). Here is the scoop so far:

"Major and independent label artists and will register their sub-domain name through Facebook. On this page Facebook users will be allowed to become “fans” of the artist and connect to the media hosted on the “artist page.”

In the first generation of Facebook Music “fans” will be allowed to listen to artist’s music, watch videos, upload pictures, add music to their page, receive tour information and interact with other fans. "

It's the most obvious move for the newest "It" social network to compete with MySpace, who is known for their dominance in the field. Will Facebook win this competition? With the limited media sharing / customizing options they have so far it will be tough. I'm curious to see if getting into the entertainment landscape will make Facebook change their policies regarding supported multimedia objects like videos, flash and audio.