‘MySpace forms music venture with big labels’
News Corp’s (NWSa.N) 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 (AAPL.O) dominant iTunes Music Store.
Vivendi’s (VIV.PA) Universal Music Group, Sony BMG Music Entertainment and Warner Music Group (WMG.N) 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. [Yahoo News]