Just wanted to correct a couple of factual errors. First, Elevation Partners is not an investor in iLike.
Second, they did not post the song "on Facebook," but rather "on iLike," which syndicates content to fans across multiple platforms including Facebook.
Lastly, U2 already had over 1.1 million fans on iLike *before* they posted the clip. Most major artists now reach more fans on iLike than on Myspace, in part because iLike is "syndicated" across multiple platforms.
mathewi Thanks, Ali -- I corrected the Elevation investment error after someone from Elevation emailed me to point that out. My bad. And your other points are good ones as well -- I should have made it clear that iLike is more than just a Facebook widget.