According to Rolling Stone "MySpace announced today that it has deals in place with Sony BMG, Universal and Warner to create MySpace Music, a digital music service that will sell downloads, stream ad-supported music and videos and serve as a storefront to physical goods and concert tickets."
This is a HUGE move on the part of MySpace. I don't know how well it will go over but I think that it is a smart move. Facebook is also getting in on this music business. Rolling stone also reports that "Facebook, in its tireless campaign to dethrone MySpace as the social-networking king, is rumored to soon be launching either an iTunes-backed artist platform or its own digital music service that will challenge both Rupert Murdoch’s and Steve Jobs’ musical domains."
A major difference between the two sites is that MySpace Music will be it's own entity whereas Facebook’s hookup with iTunes is through the "iLike feature". Through this attachment users can purchase and stream music, post play lists and update concert information.
Will having these features on social networking sites increase music sales? Will venues such as iTunes and Amazon feel a decline in sales due to MySpace Music? It will be interesting to see what happens within the industry with these additions.
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