“We believe that the Web is becoming increasingly more social,” stated Chris DeWolfe, MySpace co-founder and CEO. “MySpace Music is a new way of experiencing music online that everyone can participate in.”
Los Angeles, Calif.-based social network conglomerate, MySpace.com is going back to their roots in a capitalistic way.Â MySpace was originally a place for independent bands and artists to promote their music.Â The site became so popular and easy to use than other social networks to the point where millions registered and it became the biggest social network of its time.Â MySpace is now looking to capitalize on the independent music that is promoted within their own site, but only with the help of some friends.
These friends include Universal Music Group, Sony BMG, and Warner Bros.Â Each of these companies will receive equity in MySpace added DeWolfe.Â The new service will be called MySpace Music.Â MySpace Music will allow artists to sell their concert tickets, merchandise, downloads, and ringtones through the social network and other News Corporation properties.Â Some of the tracks by the artists will not have DRM.Â
MySpace Music will be a separate company with a different board.Â MySpace and Universal settled a lawsuit in 2006 where the social network paid the music company $100 million for settlement.Â TechCrunch reports that $120 million will be provided for MySpace Music by News Corp. and this will be distributed amongst the 3 music companies.
According to commenters, MySpace has a problem with their mobile site.Â Read the comments to see what the users have to say.