Facebook recently announced that they will now be allowing the addition of iTunes Store digital gift cards through its Facebook Gifts service. This would allow Facebook users to easily send iTunes to friends, family, and others in different networks. Facebook is offering the digital gifts in $5 increments, starting from $5 and increasing up to a maximum of $50.
Starting today with Facebook Gifts, you can instantly gift your friends iTunes digital gifts and recommend albums, movies, games, apps, and more available on the iTunes Store.
Search for a specific song or album to recommend, or let your friend decide. iTunes digital gifts are available for $10, $15, $25, or $50.
According to AllThingsD, the partnership between Apple and Facebook includes Facebook into a $260 million dollar business for third-party businesses which equates to about 13% of total sales.
So that adds up to around, say, a $260 million-dollar market size for physical iTunes cards split among participating retailers, of which Facebook will now be an active participant. That pie is small compared to Facebook’s overall revenue ($3.71 billion in 2011), but another digital product with less overhead and high demand is definitely a win for Facebook’s Gifts department
This partnership will help both Facebook and Apple, which have had issues working together in the past, particularly during negotiations over Facebook being integrated into Apple’s iTunes based social network, Ping. Ping was Apple’s failed social media experiment and frayed the relationship between the two companies.
However, the two companies worked together to integrate Facebook into iOS 6 and OS X Mountain Lion. Now, Facebook can benefit from selling the iTunes gift cards through its service and Apple can benefit from increased sales of the gift cards, as well as more iTunes users.