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RIM just launched a closed beta of their new BBM Music service that is focused on the social experience. Don't be fooled by the 50 song statements in the press release as you get full access (online streaming and offline caching) to your songs and those of all of your BBM friends.
Check out my full ZDNet Smartphones & Cell Phones article that includes a hands-on video of the service in action.
You can create playlists on the go by simply selecting the songs. Playlists can then be shared with your BBM friends.
The first tab of BBM shows you your recent activitites. You will see actions that your friend is taking with BBM Music.