We reported on this first in October, Facebook has been setting up meetings with music industry executives as the social net tries to find the best way to set up a music service on its site, BillboardBiz reports. Facebook wants to build on the artists’ platform it launched last month. The service lets bands embed widgets on their pages with a variety of promotional features and links to iTunes.

-- Me-too-ism?: Facebook’s artist platform is pretty similar to what its larger rival MySpace currently has. And in keeping with our report last month that MySpace wants to form a streaming music joint venture with record labels that would resemble the online video arrangement that its parent News Corp (NYSE: NWS). has with NBC Universal (NYSE: GE) on Hulu. No record labels have officially signed on to the MySpace venture, which would offer DRM-free music through an ad supported portal. Word is that Facebook wants to move in a similar direction, by partnering with record labels on distributing music across its site. In addition to streaming, Facebook is interested in offering a DRM-free song download option as well. So far talks are still appear to be in the early stages and no time-frame was given in terms of when the Facebook service would likely be unveiled.

• News Corp. Working On Music ‘Hulu’ For MySpace
• Limited And Tentative, MySpace To Test Ad-Supported Music Downloads
• Facebook Working On a Music Platform For Bands; Not iTunes Killer, But MySpace; Apple Tieup