What we all knew was coming has finally arrived. Myspace has
been the catapult lately for many artists’ careers and now it looks like they
are taking it full circle by starting their own music label.

Myspace has teamed up with three major labels to create Myspace
Music Company. The new service will allow users to download new singles,
wallpapers, ring tones, and even entire albums from their popular networking
site. The deal is a joint venture between Myspace and the labels, however
neither the financial specifics nor the names of the labels themselves are
being revealed.

My guess however is that is the big dogs in the game which
would be Universal, Interscope, and Sony. Myspace Music will run out of Los
Angeles and will soon be hiring a management staff to oversee the project.