Myspace CEO Chris DeWolfe announced at Fortune’s Brainstorm Tech conference yesterday that they will launch a new music service in September.
Fortune reported that this new offering will enable MySpace members to listen to music for free as well as purchase downloads, ringtones, T-shirts and concert tickets.
TechCrunch offers a little more info adding that MySpace Music will be a combination music store/subscription model (with free unlimited streaming) and revenue will come from advertising and paid downloads.
MySpace hosts profiles for 5 million artists and that 65% of their users embed music on their MySpace pages and over 5 billion songs are streamed on MySpace each month.
As reported in March, this joint venture with the major labels will probably encompass some sort of equity stakes for the labels and perhaps some advertising revenue sharing. Wonder if MySpace will also pay for streaming. Even fractions of pennies would add up seeing they stream over 5 billion songs a month.
[via Fortune]
