Is it realistic for a social networking site to partner with a record label and use the network as a means to: 1. Promote new acts 2. Promote new events, tour

Is it realistic for a social networking site to partner with a record label and use the network as a means to: 1. Promote new acts 2. Promote new events, tours, shows, releases. 3. Sell music, merch, tickets, and everything else. The reason why I choose record labels and music is because people are very connected, social, and passionate about their music tastes. Also I would think there are many opportunities available in the music industry. For example if you are huge like fb you partner with Sony and the like. If you are small, there are countless indie labels to work with. I've always liked this idea, but I'm not big on SNS so what do you guys think?