Popular social networking service MySpace has finally launched it’s long-awaited product – MySpace Music, in a bid to compete with Apple’s iTunes store. MySpace Music (http://www.myspace.com/music) will let users listen to millions of free streaming audio, make playlists and purchase song downloads, concert tickets and other merchandises. It will also open doors of e-commerce opportunities for independent artists, where they can find customers for their music,merchandise and concert tickets.

MySpace Music, that was launched today, is a joint venture of MySpace and four major music companies – EMI Group Ltd., Warner Music Group Corp., Vivendi SA’s Universal Music Group and Sony BMG Music Entertainment. Besides these 4 major music companies, MySpace will also incorporate the entire music catalogue from The Orchard, the global leader in distribution of independent digital music.

MySpace Music aims to empower major, independent, and unsigned artists to monetize their content through multiple revenue streams like ad-supported free streaming, music sales via Amazon and sales of concert tickets and merchandise. MySpace Music will also connect artists and fans in the offline arena through various concert series and live events including Secret Shows, MySpaceLIVE!, Transmissions, Front to Back and The List.

Some features of MySpace Music:

• MyMusic personal music management toolset.
• Free and unlimited ad-supported, full-length audio streaming.
• Free and unlimited playlist functionality.
• Free discography and content catalogues for SONY BMG, UMG and WMG artists.
• DRM-free MP3 music e-commerce downloads powered by Amazon MP3.
• Ringtone e-commerce powered by Jamster.

Well, full functionality of MySpace Music is currently available for U.S. users only. Users from Europe will be able to use it later this year.

I am sure that with this new product will show more money to MySpace. They have already got some big sponsors – McDonald’s, Sony Pictures, State Farm, and Toyota. MySpace Music will also help those record labels to make some money in this era of file sharing and piracy. Well, the independent and unsigned artists will also get a share of the pie! But the big question is how much money it will be able to rake in from paid music download?