4/5/2008

in

MySpace has created MySpace Music which could pose as a competitor against Apple's iTunes.

Melanie Sutrathada

Could it be that iTunes has a new rival? The great social-networking site, MySpace, has officially announced that they will be offering music to users and beyond through a new service entitled "MySpace Music." According to eFluxMedia, MySpace has now signed deals with Warner Music Group Corp, Sony BMG Music Entertainment and Universal Music in order to produce a new torrent of revenues from its colossal audience. In a statement regarding the new partnership created, Edgar Bronfman, Jr., the chairman/CEO of Warner Music Group, said, "We believe that one of the greatest growth opportunities for our industry is to develop new partnerships and models focused on unlocking the value of music in the online community space."  
  
However, according to the chief executive of MySpace, Chris DeWolfe, the company hopes for MySpace Music to be a service where people can also listen to free streaming music, share their playlists with friends, and even buy tickets for concerts and shows.  
  
MySpace Music already has some grand competitors with iTunes, 7 Digital, Amazon and several other music giants. Although Apple iTunes was recently ranked as the biggest music retailer in the United states, according to The NPD Group, MySpace offers the interaction between the fans and the music artists which seemingly adds an advantage.  
  
However, there will be more news to come, as MySpace offers more details about its plans regarding MySpace Music.