MySpace Music Launches3 Apr, 2008 By: Billy Gil
Social networking giant MySpace has formed a music division, MySpace Music, along with Sony BMG Music Entertainment, Universal Music Group and Warner Music Group. Financial terms of the deal were not disclosed.
The site, www.music.myspace.com, builds off of MySpace's existing music platform but will make it more fully integrated, unveiling new music services, monetization models, and music management and sharing capabilities. New features include DRM-free downloads, ad-supported audio and video streaming, a mobile storefront from News Corp.'s Jamba mobile company, and sponsorships.
On the user end, people will be able to create playlists and have access to more advanced purchase opportunities and search functionality. For artists, MySpace Music will allow them to offer digital downloads, ringtones, SMS and artist wallpaper, as well as sell merchandise such as T-shirts and concert tickets.
“Today represents the beginning of a new chapter in the story of modern music — we're proud to announce the marriage of the world's biggest collection of music content to the world's most popular music community,” said Chris DeWolfe, CEO and co-founder of MySpace.
The new division will be based in Los Angeles and will have its own dedicated executive management team. Services will roll out continually over the coming months.