MySpace is gearing up to launch a music retailing venture with Universal, Sony BMG and Warner Music Group. While I know that Andrew gets cringey whenever MySpace is mentioned, I think that they have a really solid idea.
Ok, so MySpace is partnering with some labels, now what? Well, aside from viewing artists' profile pages (of which they have 5 Million to choose from) MySpacers will be able to listen to ad-supported streaming music, download MP3's (not for free, but for purchase, a la iTunes), buy ringtones and even concert tickets and merchandise. What sounds so brilliant about the plan is that MySpace isn't just creating another iTunes or Napster. They're launching a one-stop shop where fans can get just about anything from their favorite artist. Plus, they'll already be on MySpace and can let the artist know how cool they think the new single is or tell their friends how much they think it sucks.
The part that business folks really like is that MySpace's huge user base (about 30 Million) will allow it to jump into the digital music arena with a staggering number of potential customers. iTunes makes up an enormous percentage of the marketplace for digital music and is the nation's number 2 music retailer (2nd only to Wal-Mart). The kind of control of market that they have frightens some music professionals, so seeing a service launch with serious competitive potential is a welcome development.
So, say what you want about MySpace, but MySpace Music (as they're calling the new service) seems like a really well-planned product and I'm excited to see how it pans out.
Details at Reuters
UPDATE:
According to Valleywag, Apple has moved into the number 1 position among U.S Music retailers, beating out uber-seller Wal-Mart. Either way, as number 1 or number 2 over-all, they're the number 1 seller of digital music in the country.
broalmanone.com