Popular social networking web site MySpace is ready to launch MySpace Music, a new online music retailer aiming to swipe users away from Apple iTunes, Amazon and other music retailers.
MySpace is working with Sony BMG, Warner Music Group and Universal, with indie music labels being considered on a case-by-case basis. MySpace is working on a deal with EMI, the only major music company who hasn't signed on, but it is unknown when the deal will be announced.
Advertising partners will have the unique opportunity to advertise directly to music listeners as they use the service to help browse through free music that can be embedded and shared through MySpace, or paid for using an individual download service with "competitive pricing" to similar services.
McDonald's, Toyota, Sony Pictures and State Farm are all on the MySpace Music advertising bandwagon, with the social networking site expecting to announce future partnerships after the service launches. The company is ironing out agreements with advertisers and music partners while also searching for someone to serve as chief executive, though the job will likely be given to two different candidates -- Andy Schuon, former Universal Music executive and head of programming at MTV, or Owen Van Natta, Facebook's former chief revenue officer.
The launch date of MySpace Music hasn't been confirmed, but most anxious shoppers are expecting it to go live sometime before the end of the week.
