Facebook is working on an artist platform to be launched later this year, which in essence is supposed to be better than what MySpace allows with its platform, according to multiple sources I have spoken to since this morning after a slightly off-the-mark rumor came out earlier. The platform will allows bands and labels to create artists pages, and allow various widgets to be embedded for music promotion, organizing events, etc. Among those widgets would be iLike, the most popular app inside Facebook, but will also include iTunes widgets for sampling (to being with), and eventually buying music through Apple (NSDQ: AAPL). The service will still have the utilitarian sensibilities of the Facebook platform, the sources stress, rather than the more chaotic and flashy platform that MySpace has.

Facebook has been making the rounds of music labels trying to get this service off the ground.

For now, this squarely takes on MySpace, not iTunes as the rumors said this morning. Facebook will have an actual deal with Apple, though it is conceivable down the line it could start selling music through the artists’ platform.

Whether users will gravitate towards Facebook from an already thriving and deep music community on MySpace is what remains to be seen.