MySpace, the popular social networking portal, is looking to start an online music venture. Called “MySpace Music,” the portal is already talking to major labels getting feedback and testing waters.
MySpace, the popular social networking portal, is looking to start an online music venture. Called “MySpace Music,” the portal is already talking to major labels getting feedback and testing waters. (IMG: J.Anderson/MySpace.com)
According to the Associated Press and Reuters, News Corp., the parent to the social networking site, is talking to Universal, Sony, EMI, and Warner. Citing unnamed sources, the AP said that News Corp. is looking to provide a single source for streaming music and downloads. Reuters reports that a subscription plan is also being considered, but News Corp. would not comment on the reports. If this is true, the move would place MySpace in direct competition with services like Ideem and Last.fm on the streaming side, and iTunes and Amazon on the sales side. The service is reportedly aimed at providing ad-supported streaming music, and a store offering a selection of music downloads. There is no word if the downloads will be DRM free.
Independent music has always turned to MySpace to help their careers. There are some who sell downloads on their pages to help boost sales, and others allow online streaming of select tracks. It is unknown if the independent artists will get a chance to maintain a presence in the music store if the project gets taken live.
The problem is, that the streaming music and the online download business model have started to become a cliché. MySpace would be just another portal in a long line of them to try this. With close to seventy million users, could an offering from MySpace be a potential iTunes killer? No, simply because like the other models, all they have to offer is their fad brand name and maybe some DRM free services. Who wants to listen to ad-supported streaming music?
The business prospects look grim for this deal. Universal still has a pending copyright suit, and MySpace has had issues in the past with each of the music giants. While the mass media wants you to see this as fresh and new, it is just another marketing gimmick to post high returns on News Corp. stock. Rest assured, if this takes off the world will know about it.
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