Rumors of a partnership between Facebook and Spotify were downplayed immediately after word first leaked. Now, as Billboard.biz first predicted, it’s been revealed that Facebook’s plan to enter the music business will indeed include, but not only, Spotify. According to GigaOM, Facebook’s new “Music Dashboard” will begin with Spotify’s inclusion, but will then expand to other music companies and applications. The social network king is supposedly working on securing more partners in time for their  f8 Developer Conference (which is due to take place in August 2011).

The “Music Dashboard” is rumored to include features that will show what you and your friends have been listening to on whatever partner music service you’re logged into using Facebook Connect. A tab will reportedly be in the left-hand column along with other tabs and will also feature a “Persistent Playback/Pause Button” next to the chat icon, allowing easier access. Facebook’s new service is also rumored to include features like music notifications, recommended songs from friends, top songs and albums from friends, and a “happening now” ticker that shows what’s occurring in your social and musical lives.

If this turns out to be true, then Facebook is making a major bet that subscription services is the wave of music’s future. However, if there’s one social network that can make a major splash in the  music business, it’s certainly Facebook. And even though it might not be the exclusive deal that was originally rumored, this is still great news for Spotify as they’re finally nearing their long derailed U.S. debut. The European music service is going to need all of the support they can get as they compete with some major competition.

We’ll keep you posted as more develops.

[via GigaOM and The Next Web]