James Delahunty
4 Apr 2008 19:03
Online social-networking giant MySpace has announced MySpace Music, a joint venture with Sony BMG Music Entertainment, Universal Music Group, and Warner Music Group. that will go head to head with iTunes, recently revealed to be the largest music store in the United States after over-taking Wal-Mart. The service will weave new services into online profile pages of more than five million musicians.
Methods of generating income will include selling tracks that can be freely copied by fans, ringtones, concert tickets and merchandise. "We look to music as an area where we want to do something huge; something historical," MySpace chief operating officer Amit Kapur told AFP. "We plan to really change the game entirely."
According to MySpace, over 30 million people visit the Music Channel every month. The new service will be rolled out in the United States in coming months. No financial terms or further details of the deals with the record companies were disclosed.