After months of speculation, MySpace has struck a deal with three major record labels to launch a new joint venture, MySpace Music, it was announced today (April 3).
MySpace Music, which receives over 30 million unique visitors per month, will offer DRM-free digital downloads, ad-supported audio and video, a mobile storefront and various sponsorship solutions.
While the financial terms of the detail were not disclosed, the new joint venture seeks to make millions based on the existing traffic, credibility, and popularity of the MySpace Music platform.
The new company will allow users to discover, share, and socialize, by adding commerce and music management tools.
Fans will be able to find digital downloads, mobile ringtones, SMS, and artist wallpapers, all directly from their artist profiles.
MySpace Music is based in Los Angeles. The new company will have a dedicated executive management team to oversee the business.