MySpace is a very popular social networking site with the tens of active million users making it a very important portal overall. One of the popular features that keeps a lot of users on the site is the music feature. This has always annoyed the music labels, and finally they are getting a solution that is making them happy.
The social networking heavyweight announced Thursday that it has deals with Sony/BMG, Universal and Warner music labels to transform its current music offerings into a full-fledged jukebox of streaming and downloadable music. As the new features are rolled out in the coming months, MySpace Music will evolve into "what we think is going to be a transformative music experience for the user," says MySpace cofounder Chris DeWolfe.
Under the new agreement, De Wolfe says that labels plan to offer artists' entire catalogs for free listening and for-pay downloads. "We are considering a subscription model as well if it makes sense," he says. In an earlier interview, DeWolfe did not announce a pricing scheme nor would he say whether downloads would be MP3s or another format, or whether they would contain digital rights management. "Not all the music companies have embraced full non-DRM downloads," he said. "I personally think that is where the market is going but that will be a decision all the music companies will have to make."
From initial trends, it seems that the deal is something that record labels are happy with, and that will translate into terms that a lot of users may not end up liking. One has to wait and see how this will turn out.