MySpace rumored to be working on multi-functional digital media service

Social networking industry leader MySpace already has MySpaceTV to deliver video content on the internet.

The company is now said to be working on plans to launch a digital music store which would offer multiple ways of broadcasting and providing digital media content.

Market sources say that MySpace is in talks with all the four major music labels for such a service.

In addition to selling songs, this service is expected to also offer music through subscription and streaming.

The company is said to be offering an equity stake in return for a partnership for such a store. If this is true, it would put MySpace in direct competition with Apple iTunes and Amazon MP3.

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