MySpace Music?

Monday, April 7, 2008

It is MySpace's new offering to its online community. It’s a new music service jointly launched by top music companies thru MySpace. Sony BMG Music Entertainment, Universal Music Group, and Warner Music Group have reportedly formed a joint venture with the Beverly Hills, California based social networking giant, MySpace to dish out MySpace Music to the online music enthusiasts.
MySpace last week confirmed that it had deals with Sony/BMG, Universal and Warner music labels to transform its current music offerings into a full-fledged jukebox of streaming and downloadable music. Chris DeWolfe, MySpace co-founder and CEO called the deal to create MySpace Music "a historic step" for the music biz in its long struggle to come to grips with the digital era.
DeWolfe said, "This is the first time the music companies have gotten together. We're going to do something really different. We believe that this is really a historic step in the music industry redefining itself, both with the partnership and the product (to come). There's no other product on the Internet that looks anything like this."
He said, “MySpace Music will evolve into what we think is going to be a transformative music experience for the users. 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."
He told that thru MySpace Music, labels plan to offer artists' entire catalogs for free listening and for-pay downloads. "We are considering a subscription model as well if it makes sense," he said.
According to reports, MySpace Music will be jointly owned by the four partners and have a dedicated management team that will report to DeWolfe and a board comprising reps from Sony BMG, UMG and WMG. Currently, MySpace has 110 million users and 30 million of those use the music features. Many musicians and bands such as the Foo Fighters and Wilco have songs that can be listened to on their MySpace pages

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