Despite rumors to the contrary, Facebook said today that they have no plans to launch a music streaming service.

The music industry website Music Ally reported yesterday that, according to anonymous inside sources, Facebook has plans to launch a streaming service to compete with Apple Music, Spotify, Tidal and the rest of the crowded streaming field.

Facebook is working on a deal with labels to host music videos on its native video player, putting it in competition with YouTube and Vevo. Music Ally's report stated that the video moves were a warm-up for the launch of a full-blown streaming service. They also reported that Facebook was working to build, rather than buy, a streaming service.

Today, Facebook told Billboard in a statement that they . Billboard also cited a major label source who said they had no knowledge of plans for a Facebook streaming service.

Another source said Facebook was working to creatively integrate music into its platform, but wasn't planning anything like a Spotify-style $9.99-per-month platform.