A new online music store is coming from MySpace, which announced a joint venture with three of the four biggest music companies.

The three companies involved with MySpace Music are Sony BMG, Universal Music Group and Warner Music group. Major label EMI is not currently involved, and financial terms were not disclosed.

“360-Degree” Music Store

MySpace said the new site will create a “fully integrated, 360-degree global music solution.” There will be e-commerce and, as you might expect from the world’s largest social network, tools to enhance a user’s ability to discover, share, socialize and manage around music. The site will roll out in phases by the next few months.

Digital downloads will be free of digital rights management (DRM) and playable on any device, including Apple’s iPods. There will plus be ad-supported audio and video streaming, a mobile storefront, mobile ringtones, artist wallpaper, concert tickets, and artist T-shirts.

In ways yet to be detailed, the site

will plus offer integration with its more than 5 million music-artist profile pages. MySpace’s growth has been propelled in part by pages from small music bands. Users will plus be able to create playlists and buy and search for music from their own pages.

MySpace Music builds on the site’s current music channel, which has nearly 30 million rare monthly visitors. MySpace previously launched Snocap to supply a download service for independent music, but that effort has reportedly been a disappointment.

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that new experiment in connecting a major social-networking community with major music companies shows a welcome willingness by the music industry to try multiple models, said Mike McGuire, an analyst with industry research firm Gartner. He predicted there will be more such ventures — although he lamented that that kind of industry experimentation did not occur several years ago.

The new music site could “in…

Original post by Top Tech News