MySpace has already beaten Facebook to the digital music business and tried to take a bite out of Apple's hold on that market, but could the social network soon develop its own iPod killer?

"It's possible," said CEO Chris DeWolfe, speaking at the Web 2.0 conference in San Francisco.

MySpace launched its MySpace Music service in September and has already streamed more than 1 billion songs while attracting sponsorships from big brands like McDonald's, Sony Pictures, Toyota, and State Farm, according to an Associated Press report.

The social network has no immediate plans to develop a portable music device, but DeWolfe acknowledged the affect MySpace Music can have on the market.

"If anything, we'll be accretive to iPod sales," DeWolfe said. "Unless we develop a device."