By all accounts Facebook will likely have some big news next week as advertisers gather in New York for ad:tech. While some believe the company is planning to unveil a "new way of advertising," there is a rumor floating around that Facebook plans to enter the music business.

According to a report in CO-ED Magazine, Facebook is in talks with major music labels to create artist pages that can be used to promote acts, sell targeted ads and distribute songs.

If the rumor is true, Facebook will be going up against iTunes and its rival MySpace, which made a name for itself as a destination for musicians.