iLike: The $50 Million Offer That Vanished Into MySpace

iLike was a pioneering social music discovery service launched in 2006 by Ali and Hadi Partovi. It quickly gained traction by integrating with platforms like Facebook and MySpace, allowing users to share their music tastes in real time and discover new artists through friends' recommendations. At its peak, iLike had over 60 million registered users and became one of the most popular music apps online. Its innovative approach caught the attention of industry giants, including Apple’s Steve Jobs, who offered $50 million to acquire the company in 2008. However, CEO Ali Partovi rejected the offer, believing the company was worth three times as much. A year later, facing mounting pressure from investors and unable to secure better terms, iLike was acquired by MySpace for approximately $20 million—a fraction of Apple’s original offer. Under MySpace, iLike's technology was integrated but eventually faded into obscurity as MySpace struggled to compete with Facebook. By 2012, the iLike website was shut down, marking the end of a once-promising platform. Despite its downfall, iLike left a lasting legacy, laying the groundwork for modern music streaming services like Spotify and Apple Music by proving that people wanted to connect through shared musical experiences. The story of iLike serves as a cautionary tale about ambition, negotiation, and the unforgiving nature of the tech industry, where timing and business acumen are just as crucial as innovation.

There are no comments yet.

Please log in to write the first comment.