The giant in social networks is taking on the giant in online music. MySpace Music officially launched to compete with Apple iTunes.
MySpace has joined with three of the giant record labels to keep iTunes from getting to much control. Warner Music, Sony BMG and Universal Music will make music with MySpace.
"The partnership with MySpace is another sign that the music industry has decided to embrace the Web and digital technology instead of waging war against it," CNEt says. "As CD sales continue to shrink and piracy expands, the labels are moving toward the inevitable: a redefining of how they make money from music. With MySpace Music, the labels will get an equity stake in the new joint venture and a share of all the revenues the service collects."
Meanwhile Facebook is months behind in this area.