The once mighty social network MySpace has fallen very far from grace. The site was sold to Specific Media in June for $35 million which is much less than what former parent company News Corp. paid for it. One of the most shocking aspects of the MySpace sale is that Justin Timberlake is on board as the creative director. His presence will help reform MySpace into a lucrative music destination.

In yet another example of the music industry trying to say that they understand what’s going on with distributing music through the web, the record labels are trying to push a new format that will attempt to replace the album. The format, called CMX, will be a single download that will contain the songs of more »