MySpace sets the new benchmark in a three-way collaborative deal with the recording industry giants. The service will allow users to download songs, mobile ringtones and provide desktop wallpaper images from the popular social networking site.
On the artists' profile pages, fans will be able to buy tickets for concerts as well as merchandise. The major labels in conjunction with the newly formed MySpace Music have not confirmed what the download service and if there will be a membership cost. MySpace Music said that the new site will be launched in the coming months.
The move comes on the back of the a busy week in the music industry after Warner Music teamed up with long-time music biz aficionado, Jim Griffin.
This is bold and smart move by the three major labels and should help ease the pain that they have endured recently with the drop in CD sales and the dramatic increase in popularity of mp3 file-sharing and subscription model networks like iTunes and Rhapsody.