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MySpace seeks online music serviceThe online social networking site is in talks with major record labels to provide users with free music, according to The Wall Street Journal.
NEW YORK (CNNMoney.com) -- Online social networking site MySpace has been talking with major record labels in an effort to allow users to listen to copyrighted music for free on the Web site, according to a report in the Wall Street Journal. The Internet site has called the potential joint-venture MySpace Music. According to the Journal, MySpace has approached Vivendi (VIVEF) SA's Universal Music Group, Warner Music Group Corp. (WMG), EMI Group Ltd. (EMIP.Y) and Sony BMG Music Entertainment, a joint venture of Sony Corp. (SNE) and Bertelsmann AG. The proposed MySpace Music reportedly will include free, streaming music supported by advertisement sales, and it will also offer paid MP3 downloads. MySpace, recently purchased by Rupert Murdoch's News Corp. (NWS, Fortune 500), has attempted to expand its position as a social networking site into an online media company. This is evidenced by reports that Murdoch was talking about buying Yahoo (YHOO, Fortune 500) and combining it with other properties that make up Fox Interactive Media, News Corp.'s online arm. MySpace has already launched online video service Hulu, a joint venture between NBC Universal and News Corp. MySpace's new ventures are perhaps part of a larger plan to distinguish itself from faster-growing competitors like Facebook and Linked-In. |
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