MySpace to start free service, MySpace Music

The world’s biggest social network MySpace, has joined up with Warner Music Group, Vivendi’s Universal Music Group and Sony BMG Music Entertainment, in a new venture intended as a direct challenge to the Apple owned, iTunes Music store.

The joint venture will be offering free streaming of video and audio music content, which will be supported by advertising. MySpace Music, will also offer paid ringtones, MP3 downloads and ticket sales.

MySpace chief executive, Chris De Wolfe said that no launch date for the new collaboration had yet been set, the also added that the will be other features that will be included before the launch is finalized.

He also indicated that MySpace Music would be holding discussions with other potential music company partners, with the aim of producing similar arrangements.

De Wolfe told the Reuters news agency “We’re talking to all the big ticketing companies as well as the small ones.” The new service will integrate the commercial services with the 5 million artist profiles already in place. In addition, will then be in a position to offer the new products to its 30 million members.

Up until now, MySpace has been sitting on the sidelines while rival Apple has achieved a 70% market share of digital download, music sales. Only retail giant Wal-Mart sells more music than Apple in the US.

This new alliance has come about because of the music industry’s concerns that iTunes has become a near monopoly for music downloads. Thomas Hesse from Sony BMG said, “This gives a great new lease of life for the download market,”

Story link: MySpace to start free service, MySpace Music