MySpace is refocusing its company strategy following the purchase of music application company iLike.
The deal to purchase the online music discovery service is believed to be worth around £12 million.
Since its inception in 2006, iLike has provided a platform for consumers to locate new music and listen to it online.
It partners with social networking websites such as MySpace's competitor Facebook and is the default music application on the latter's web pages.
If Facebook wanted to extend this service it would effectively be helping one of its main rivals in the social media world.
Owen Van Natta, who used to work as an executive at Facebook, but is now chief executive officer of MySpace, confirmed that the deal had been completed on Wednesday.
According to the Financial Times, he said: "We have restructured the MySpace business, refocused the product and company strategy."
Digital market research firm comScore recently published research that showed how MySpace has lost unique visitor numbers between the ages of 15 and 24 over the last year, while Facebook has grown in popularity.
Whereas Facebook recorded a 51 per cent increase in users of this age group between June 2008 and June 2009, MySpace sites saw a 25 per cent reduction in visitor numbers.
