Is BeatDeck competing with SoundCloud?

I saw an interesting piece of news on TechCruch about a new service called BeatDeck:

Does my music do better on Facebook or Twitter? Where should my next tour be? Is my new song too repetitive? Musicians can get free answers to these questions and more from BeatDeck…

Sounds pretty cool so I head over and start to check it out. It looks pretty cool and simple with a nice walk-through on getting set-up. I finish and my BeatDeck page looks strangely similar to my SoundCloud page.

Very similar, no? First question that comes to mind is do I need another system like SoundCloud? SoundCloud works quite well for me.

BeatDeck might offer some more features down the road but at the moment, I can’t see the benefit. I will mention that BeatDeck offer to connect with your Last.fm account. Not sure if it is relevant but Last.fm is owned by CBS.