MySpace is close to making beautiful music. They are in significant negotiations with all the major labels that would probably let users stream free and download too. More than likely called MySpaceMusic, they are working hard to stay ahead of Facebook. Ironically one of the labels has sued MySpace for streaming.
Implications - MySpace music is so popular because it allows users to listen to their favorite artists, find new ones and look up release dates and concerts. Part of the reason MySpace has done so well is because of their music section. This has led to other sites creating pages dedicated to music so that people can discover new bands and buy their favorite songs.