MySpace said that the platform would give its users a "360-degree global solution" and evolve the their "ability to discover, share and socialise by adding commerce and music management tools".
The application will operate in three key areas of MySpace -- the MySpace Music homepage, the site's 5m-plus artist profile pages and individual home users' pages. Its integration into the social network will allow fans to listen to and download music and order branded merchandise.
For the labels' artists, MySpace Music will give them the opportunity to sell fans digital downloads and merchandise such as mobile ringtones, SMS wallpapers, T-shirts and concert tickets.
Among the artists are Madonna and The Raconteurs on Warner, U2 on Universal, and Kings of Leon on Sony BMG.
The only major record label not to be in on the deal is EMI Music. It was previously thought that the label was involved in the venture and that Universal Music was not, because of an unresolved legal dispute between the latter and MySpace.
The agreement has led to the formation of MySpace Music as a new company based out of Los Angeles with an executive management team overseeing the business. The firm said that, in the coming months, new content and products will be launched.
Warner owns labels including Warner Bros, Asylum, Atlantic, Bad Boy and Elektra. Universal owns labels including Polydor Records, Def Jam Music, Lost Highway Records, Machete Music, MCA and Mercury Records. Sony BMG is 50% owned by Bertelsmann and 50% by Sony Corporation of America.
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