The rumored joint venture between MySpace and music industry giants Warner Music Group, Sony BMG Music Entertainment and Universal Music group was officially announced, being dubbed MySpace Music.
The newly formed company will merge the robust MySpace music community with the music content provided by the three labels.
While EMI wasn't part of the announced partnership, they are just behind the other companies, and will be part of the new initiative very soon. They were working on licensing deals as recently as late night Wednesday.
Reasons for their late arrival of EMI to the party is the current changing of the management structure within the company.
Services will include complete song downloads without DRM and streaming of free full-length songs with ads.
Included in the venture will be every other thing related to music like ringtones, concert tickets and related merchandise. Rumors are there could end up being a mobile online store which would include the above-mentioned services as well.
“Today represents the beginning of a new chapter in the story of modern music--we’re proud to announce the marriage of the world’s biggest collection of music content to the world’s most popular music community. Millions of die-hard music fans and artists already call MySpace Music home--by partnering with these industry leaders, our vision for MySpace Music as the definitive platform for unlimited artistic expression and unrestricted user experience is finally being realized,” said Chris DeWolfe, CEO and founder of MySpace.
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