MUMBAI: Social networking site MySpace has entered into a landmark joint venture with three of the world’s largest music companies, Sony BMG, Universal Music Group, and Warner Music Group, to unveil a new company – MySpace Music.
The service will allow users to download songs, mobile ringtones and provide desktop wallpaper images from the popular social networking site.The product vision for MySpace Music is to build on the existing traffic, credibility, and popularity of the MySpace Music platform (http://www.music.myspace.com) by creating a fully integrated 360 degree global music solution.
The MySpace Music product will integrate new content and music capabilities across three primary areas: the MySpace Music home page, the site’s more than five million artist profile pages, and individual user home pages, providing bands and fans multiple touch points to discover, share, and purchase music and merchandise in one place for the portable device of their choosing. MySpace Music empowers bands and fans with unprecedented digital music service and e-commerce platform within MySpace that will include DRM-free digital downloads, ad-supported audio and video streaming, a mobile storefront as well as various sponsorship solutions.
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For the labels’ artists, the formation of MySpace Music will offer them the opportunity to provide their fans with digital downloads as well as mobile ringtones, SMS, and artist wallpapers, all directly from their artist profiles.
MySpace has more than 5 million profile pages showcasing major label artists, independents and unsigned acts. All those artists would eventually be able to take advantage of MySpace Music’s offerings.
Financial terms of the partnership were not disclosed, but each of the music companies will receive an unspecified equity stake in the new company.
MySpace’s announcement came as data from industry tracker NPD Group showed that earlier this year iTunes topped retail colossus Wal-Mart as the world’s largest music seller.
MySpace has woven live concerts into its repertoire. A US concert tour headlining with the French music group Justice wrapped up 31 March.
