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MyMusic on MySpace

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MySpace LogoMySpace will be next on the list to enter the online music store arena. Unlike some of the smaller popups that are just trying to get a small share of the revenue, MySpace already has over 106 million users, as well as the backing of parent company News Corp.

“The goal is to be one of the biggest digital music stores out there,” MySpace co-founder Chris DeWolfe told Reuters. “Everyone we’ve spoken to definitely wants an alternative to iTunes and the iPod. MySpace could be that alternative.”

MySpace has the potential to really breakthrough to the younger generation who may not be attached to iTunes yet (which many people are). The key will be offering both independent as well as mainstream artists and music labels. Remember, MySpace started as a network space for new bands to offer their fans a small portal page.

Before the end of 2006, De Wolfe said MySpace will offer independent bands that have not signed with a record label a chance to sell their music on the site. MySpace says it has nearly 3 million bands showcasing their music. Songs can be sold on the bands’ MySpace pages and on fan pages, in non-copyright-protected MP3 digital file format.

The bands will decide how much to charge per song after including MySpace’s distribution fee, said Rusty Rueff, the chief executive of Snocap, which will manage the e-commerce service. Snocap provides digital licensing and copyright management services and was started by Napster founder Shawn Fanning.

Read [PCMag]

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