Facebook CEO Mark Zuckerberg speaks during a news conference at Facebook headquarters in Palo Alto, California in this May 26, 2010 file photo. (ROBERT GALBRAITH/REUTERS)

Basulto thinks that the innovation of laying music on top of Facebook’s social network, immediately adds value to Facebook as it mulls its IPO. And, he says, Facebook is in a unique position to make a social music service that actually works. Instead of marketing a last-minute social element to music lovers — think Apple’s Ping — Facebook’s already done the heavy lifting of creating a social network.

“(If) Internet radio company Pandora could be valued at $2 billion, just how much is Facebook Music worth?” Basulto said.

Having a music service could definitely give Facebook a leg up in the battle between the “Gang of Four”companies Google chairman Eric Schmidt identified at the All Things D conference last month — Apple, Facebook, Amazon and Google.

Apple, Amazon and Google have already put forth their examples for what online music could be — how could Facebook’s service change the game?

What would you like to see from Facebook’s music service? Let us know in the comments.

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