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MySpace Music On The Way

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MySpace Music On The Way

MySpace is set to launch a joint music venture with three of the major music labels, according to sources familiar with the deal.

Myspace Music Logo
(Photo Credit: Myspace)

The new venture will be called

It's not clear when a formal announcement will be made but sources say it could happen next week with an official launch in the mid to late summer of 2008.

The three labels will all get a minority stake in the venture, which MySpace will control and operate. The site will be ad supported with the labels receiving a share of ad revenue.

MySpace is currently one of the largest promoters of music online, with more than 68.6 million unique visitors in the U.S. in January, according to comScore.

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