MySpace announced that it has partnered with three of the four major labels (Universal, Sony BMG and Warner) and over the next few months will roll out a new "MySpace Music" platform.A press release states that the new venture will help users "discover, share, and socialize by adding commerce and music management tools."
That's corporate gobbledygook which means MySpace users will soon be able to buy digital music downloads (as well as merchandise and concert tickets) from both major and indie artists.
My take: This is an interesting development. MySpace claims to have 30 million unique monthly visitors to its Music channel and more than 5 million artist profile pages. This will add an iTunes-like sales component amidst all the social networking chatter on the site.
The question is: Are MySpace surfers actually serious music buyers? Some acts say yes while others say no. Will MySpace Music cut into iTunes' brisk business? Maybe. Amazon recently launched an MP3 download service that apparently has done well, but iTunes continues its growth streak nonetheless.
As long as MySpace opens up its new store to the millions of acts already actively promoting themselves on the site, and if they mix together major and indie music choices, this will be good for a lot of active MySpace music marketers.
Note: Yes, I know that bands have been able to sell downloads on MySpace using Snocap -- a company that has had its struggles and is now being acquired by iMeem. But this MySpace Music deal sounds like it will be a far more prominent and potentially profitable tool.
Stay tuned for more details as it rolls out soon.
-Bob
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