MySpace will Launch a Music Service soon

MySpace, the world’s largest social networking site, is to launch a music downloading service to rival Apple’s iTunes.

The social network heavyweight MySpace announced deals Thursday with Sony/BMG, Universal and Warner music companies - three of the four majors - to transform its current music offerings into a full-fledged jukebox of streaming and downloadable music.

“MySpace Music will evolve into a transformative music experience for the user. And the improved MySpace Music service will be built upon a business model that is going to be fantastic for the music companies and help them replace some of the revenue lost for decreasing music sales. Under the new agreement, we are considering a subscription model as well if it makes sense”, says MySpace cofounder Chris DeWolfe.

MySpace Music, which will roll out gradually in coming months, will enable artists to sell music downloads, concert tickets and merchandise such as T-shirts through their profile pages and to offer ringtones through a unit of MySpace parent News Corp.

Selling music without the copy protections that make such tracks incompatible with Apple inc’s iPod Music player could place MySpace Music in direct competition with existing digital music stores such as Apple’s iTunes, Amazon.com, Napster Inc and others, analysts said.

MySpace Music will operate as a separate company, with a president who reports to DeWolfe and to a board of directors that will include representatives from the recording companies.

Source: TestingGeek

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