MySpace Launches New Music Service

MySpace has become one of the Internet's largest social gathering places, its only natural that it should add some music to the mix. And so it did as MySpace joined forces with Universal Music Group, Sony BMG Music Entertainment, and Warner Music Group to form MySpace Music.

MySpace Music is another rising star set to compete with iTunes, the top music download service on the Internet. Although the official launch date is not set in stone, Chris De Wolfe, chief executive of MySpace said it is "fluid" in that commercial features are going to be added to the site over the coming months. De Wolfe also said that MySpace would be in talks with other partners to bring more content and services to the site.

MySpace Music will offer free music audio and video streaming and supported by advertising. It will further offer MP3 downloads, ringtones, artist ticket sales and artist merchandise for sale. De Wolfe said that the site addition will integrate its existing 5 million artist profile pages with a wide range of new commercial services in a "360-degree" offering that is set to be made available to its base of 30 million music fans.