MySpace Music officially announced

As expected social networking industry giant MySpace has now officially announced their own digital media service named MySpace Music.

The company said that they are launching this new service in collaboration with Universal Music Group, Sony BMG Music Entertainment and Warner Music Group Corp.

EMI is not part of this collaboration as of now.

MySpace said that this service would enable their users to listen to music and watch videos for free. They would then be able to buy them from their store online.

The service would generate revenues through several modes including music download sales, advertising and sales of concert tickets, merchandise and ringtones.

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