The world of online music buying looks set for a shakeup with the launch of MySpace Music, announced today. The joint venture between MySpace and three of the big four record labels aims to compete head-to-head with iTunes, CNET News reports. Music industry bigwigs are said to have long felt that iTunes was getting too powerful.
The MySpace service is expected to be launched within months featuring songs from Warner Music, Sony BMG, and Universal Music. An insider said that EMI isn't on board yet but executives are trying to hammer out a deal. Facebook is also reportedly in talks with big record companies about starting up a similar service, but is said to be lagging months behind MySpace.