MySpace unveils ad-supported music platform

The newest project from uber-social networking site MySpace is a platform that aims to radically alter the digital music landscape and also unseat the still-dominant iTunes platform. The store will allow fans to stream millions of songs for free in an ad-supported framework, and sell digital downloads with help from the Amazon MP3 store.

Chris DeWolfe, the site's co-founder explains:

You'll be able to see the top songs your friends are listening to. Eventually you'll be able to buy tickets and merchandise and ringtones. When you look at things like iLike and Facebook, they don't have the full songs, in most cases, and they don't have official artist pages. People aren't interested in music on Facebook in the way they are on MySpace, That's one of the big keys here.

The new service is a partnership between top labels Universal, Sony BMG and Warner, and the smallest major label, EMI, is reportedly in discussions to join soon.

The music industry has long locked horns with Apple's iTunes which has used it's dominance of the market to maintain single pricing across the catalogue and has sufficient market power to make demands of the labels.