MySpace’s acquisition of iLike carries numerous implications. For one, artists and labels need to consider how the pairing will affect their marketing. For example, MySpace could benefit from iLike’s ability to create communities around live concerts and sell tickets to events. In a financial context, the acquisition hints that social networks are not valued just by their traffic, but by the source of their traffic. Many experts believe iLike’s value was hampered by its dependence on Facebook for its user volume and traffic.

Exactly how things will shake out is unknown at this early stage. Will the pairing work? Will MySpace retain iLike’s talent? What does it mean beyond MySpace’s music ambitions? These are not easy questions to answer. Nevertheless, speculation and interpretation can be found throughout the Internet. Here is a round-up of some recent commentary on the iLike acquisition.

ReadWriteWeb’s coverage of the press call: “Another integration question. What elements of the iLike service might find their way into the MySpace Music service? What will iLike bring to MySpace. Van Natta: we will extend the iLike service beyond music - leverage all the different entertainment categories. Might start adding more concert ticket-related features on MySpace (this is an area where iLike excels).”

CNET: “"The cash flow of any company doing business on Facebook's API, or Facebook Connect, or Facebook platform is inherently at risk," said the source. "The multiple that an investor can place on that cash flow is not that much greater than 1, because you never know at which point Facebook could change the terms of the relationship or change the technology and cut off that cash flow."

There is no question that plenty of other factors may have contributed to iLike's meager sales price, but the questions raised by the music service's predicament may be a warning to companies that have banked on the developer platforms created by Apple, Twitter, and Facebook.”

MediaMemo: MySpace bought iLike “because it has engineering talent that is good at building stuff that 1) helps users find content and share it with one other, and that 2) works on multiple platforms.

(Myspace CEO Owen) Van Natta did make a point of downplaying iLike’s ability to help MySpace build out its music offering, though. Which makes sense, because MySpace already has a music platform that it owns in a separate joint venture with the big music labels.

And because while iLike is known as a music platform, it really isn’t. It doesn’t have deals with the music labels that let users listen to full songs, and it only recently launched a way for users to buy songs. What it does do is recommend music based on stuff you like, and lets you share your likes and recommendations with friends.”

Econsultancy: “Assuming that the rumors surrounding the dollar amount of the acquisition are accurate, iLike serves as one of the best examples of a startup whose popularity didn't translate to value upon exit, as others have noted. Despite iLike's impressive user base and reported profitability, the fact that so much of its popularity was derived from its Facebook app left the company in a vulnerable and precarious situation. If Facebook develops its own music service, as some believe it will, there's no telling what would happen to iLike.”

PC World: “So what does acquiring iLike mean for MySpace? In the big picture, it may not really mean much. It'd be shocking if many users were motivated to change their social network allegiance based purely on a piece of music-sharing software -- one that, by all indications, will still be available on Facebook (or will perhaps eventually be replaced by some comparable alternative). The typical social network user is focused on the overall experience, not the brand name of the apps associated with the site. And there are enough standalone music-playing and sharing services that I'd question how many people would surf over to MySpace solely to use iLike's functionality.”