MySpace has spent the past few weeks approaching major record labels, trying to hammer out a deal for a new online music service, the Wall Street Journal reports. The deal—tentatively MySpace Music—would likely let users stream unlimited music for free, and buy downloads that could be played on mp3 players, the Wall Street Journal reports.
The proposal is part of MySpace’s efforts to broaden its media offerings to fend off the likes of fast-gaining Facebook. It also gets MySpace's foot in the door of online music’s trends toward free streaming and copyright-free music. But sealing a deal won’t necessarily be easy. One label, Universal Music, has a lawsuit pending against MySpace for, ironically, streaming music. (Read more MySpace stories.)