
If asked, we all would say that MySpace is one of the online social-networking giants, that offers interesting and unique features to its customers. Rumors spun through the Internet that News Corp (owner of MySpace) is letting MySpace Music, one of its highly loved features, to be co-owned by other companies. On this Thursday, it became clear that MySpace Music will be co-owned with Universal Music Group, Sony BMG and Warner Music Group.
Under the joint venture, the expanded music service will feature free advertising-supported streams of songs and videos from Universal, Sony BMG and Warner recording artists, as well as an online store where visitors will be able to purchase restriction-free song downloads, ringtones and other merchandise.
MySpace co-founder and CEO Chris DeWolfe said that is was a collaborative effort to build on a model that was extremely user-friendly and was based on what our users had asked us to build. And with the deal, MySpace Music will develop from what has been primarily a promotional vehicle for artists and labels to a commercial vehicle as well.
Since its music community was launched four years ago, MySpace has grown into a popular, even vital, means for newly emerging artists to expose their music to new fans. And for MySpace users, the site has become a key means of discovering new music and staying in touch with what their artists are up to.
Meanwhile, Apple’s iTunes Store has been successful in selling song downloads, but its dominance of the paid download market has given the company uncomfortably heavy influence over the recording industry in terms of pricing and promotions. Moreover, Apple’s motivations are connoted by the fact that its ultimate goal is to maximize sales of iPods, not iTunes merchandise.
Indeed, the MySpace joint venture is the most explicit move so far by the recording industry to counter iTunes. The first such effort was the agreement by all four major labels to make restriction-free music downloads. Available at Internet retail giant Amazon.com, which launched a music download service earlier this year.
I hope it will make it possible for us to download our favorite music freely.
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