Facebook Music may not exist, but you may have it installed anyway. Right now if you log into the site and go to Facebook’s “Edit Applications” screen, you’ll probably encounter a new application at the top of the list: Music. And it’s pretty clear that this isn’t just some third party app; the application links to Facebook.com/music, which is the same format used by other official Facebook applications, including photos (Facebook.com/photos) and events (Facebook.com/events). But the application doesn’t work at all ? clicking it just brings you to your Facebook News Feed.

Update: Facebook has now removed the application. Facebook long considered launching a free music service, and previously engaged in talks with multiple different streaming services to power the site. Obviously those didn’t pan out, and in light of Facebook’s promotion of third party apps and pages, they may have decided to ditch the idea entirely.

It’s worth pointing out that one of Facebook’s most popular music applications is iLike, which was recently acquired by MySpace. Facebook and MySpace may not be butting heads as much any more (MySpace has shifted its focus to the ‘socialization of content’ rather than networking with friends) but given their history it’s an interesting arrangement.