Media News - Friday, April 04, 2008

MySpace forms music joint venture with big labels

News Corp's Social network Web site MySpace has formed a joint venture with three major music companies called MySpace Music, it said on Thursday, in a challenge to Apple Inc's dominant iTunes Music store. The joint venture includes Vivendi's Universal Music Group, Sony BMG Music Entertainment and Warner Music Group as minority stake holders in the new company. MySpace Music will offer free music audio and video streaming supported by advertising, paid-for MP3 downloads, ringtones, artist ticket sales and merchandise. Chris De Wolfe, chief executive of MySpace, said MySpace is in talks with more music industry partners to offer their services on MySpace Music. MySpace Music is seen as a potential rival to Apple Inc's iTunes Music Store, which takes more than 70 percent of digital download sales and is the No. 2 music retailer in the United States behind Wal-Mart Stores Inc. The music industry has been concerned about a lack of competition for iTunes in the digital music market. (Reuters)

Bookmark this : | Listen to this article | Sphere: Related Content

• Home |
• Seminars  |
• Events |
• Media Landscape |
• Newsroom|
• Media News|
• Resources

Terms of service and Privacy policy.

Copyright © 1992-2007 European Journalism Centre. All rights reserved.

Valid XHTML and CSS.

European Journalism Centre

Sonneville-lunet 10
6221KT Maastricht
The Netherlands

Tel. : +31 43 325 40 30
Fax : +32 2 400 42 20

E-mail: info[at]ejc.net