MySpace Takes On iTunes
Last week it was announced that Apple's iTunes store had surpassed Wal-Mart to become the biggest music retailer in the United States. The online music store has sold over 4 billion songs since early 2003 and seems to be one of the few places where music sales are thriving.
With the record industry taking huge losses it's apparent that the only place to make money is in the internet market. Enter MySpace. The Fox-owned social-networking site has started working out deals with all of the major record labels to allow the purchasing of content on band music pages. According to BusinessWeek:
On Apr. 3, Warner is expected to team up with social-networking site MySpace, Sony BMG, and Universal Music Group to launch a joint music venture. MySpace Music will let people listen to tunes and watch videos for free on the Web, as well as buy merchandise, concert tickets, and music through downloads, much like on Apple's iTunes.