Research in Motion has officially announced a new social music sharing and discovery service built around BBM. The new service is called simply, BBM Music. This is not surprising news as there have been multiple rumors and leaks about the service. It works like this. For $5 you can store 50 songs in your music profile, and you can swap 25 songs each month. You get to access 50 songs from each of your friend's profiles so the more friends you have the more songs you can have access to.

BBM Music is an easy-to-use cloud-based service that enables social and viral music discovery by allowing users to build an evolving, community-based music library that is shared amongst their BBM Music friends. The size of the music library continues to grow as new friends join the community and each user can select music from a catalog with millions of songs from leading music companies – Universal Music Group, Sony Music Entertainment, Warner Music Group and EMI.

“More than 45 million customers already love the social communication benefits delivered through BBM and we are thrilled to be extending the experience into a uniquely social and interactive music service,” said Mike Lazaridis, President and Co-CEO at Research In Motion. “We have partnered with leading music companies to provide a „full track? music sharing and discovery experience that will provide users with quality music on demand and allow them to connect with friends on a whole new level.”

What do you think? Will you use the BBM Music service?