Myspace To Launch iTunes Competitor

Good luck Tom:

MySpace, the world’s largest social network Web site, said it has formed an online music venture with three major recording companies in a challenge to Apple Inc’s dominant iTunes Music Store. Vivendi’s Universal Music Group, Sony BMG Music Entertainment and Warner Music Group have minority stakes in the new MySpace Music venture announced on Thursday. Financial terms were not disclosed.
MySpace Music will offer free music and video streaming supported by advertising, paid-for MP3 downloads, ringtones for cell phones, concert ticket sales and merchandise. Chris De Wolfe, chief executive of MySpace, said the launch date of the new service was “fluid” with commercial features being added to the site over the next three to four months. He said MySpace is in talks with more music industry partners to offer their services on MySpace Music.

In the meantime, Apple’s iTunes recently supplanted Wal-Mart as being America’s #1 music retailer, with 19% of the music sold in January.

Tags: download, itunes, Music, MySpace, retailer, Sony BMG, Universal, Wal-mart