Facebook is planning on launching its own streaming service to compete with Apple Music and Spotify

The company is in early talks to build a competitor to Spotify and Apple Music, according to Music Ally. The service is likely to follow an initial launch of ad-supported music videos – part of Facebook’s plans to take on YouTube, which have also seen it launch auto-playing videos and seen views rise hugely.

The streaming service isn’t set to launch for some time, unnamed sources told the music site. The company hasn’t yet decided on a business model or a launch timetable, they said.

Facebook said that it has "no plans to go into music streaming".

But the music video feature is expected to launch in the next few months, and if it is successful will likely encourage the full streaming music service to follow. That service will match the fees that YouTube pays for its streaming music videos, reports say.

Two major new streaming services have already launched this year – Tidal and Apple Music – and Spotify has unveiled major upgrades to its apps. Those moves seem to be an attempt to grab some of the fast-growing streaming market: the number of paying subscribers to such services grew by 46.4 per cent last year, according to the global record industry body, but remains relatively small.

It’s possible that Facebook could buy an existing service and move it under its own banner. The company has bought a range of companies recently – including virtual reality firm Oculus Rift and WhatsApp – and that would follow Apple’s move to enter the streaming music market by buying Beats.