p2pnet news | Music:- Music always was, is and always will be one of the Big Three online draws, the other two being news and videos/movies.

So very few people will be surprised to hear Facebook is having talks with Warner Music, EMI, Vivendi Universal and Sony BMG, the members of the Big 4 organised music cartel, about creating a music

“The record companies, all of whom declined to comment, view the recent talks as evidence of the importance of music to social networking sites as they vie for young audiences,” says the Financial Times, going on:

“They are hoping that the sites, which have mostly served as promotional platforms for artists, will become sources of revenue at a time when their sales of physical albums are in decline.”

While details remain vague, “record executives said that they expected a service would offer consumers free streams of music, supported by advertising, as well as the ability to pay for downloads in MP3 format, which can be played on any device,” says the story, adding:

“Those are the rough outlines of the MySpace Music service, which is still being discussed. The News Corp-owned site could also include a subscription service and allow fans to buy merchandise and concert tickets, according to people familiar with the matter. One hurdle to a deal is the fact that Universal, the largest music company, is suing MySpace for alleged copyright violations.”

Social networking sites, “allow consumers to share playlists and recommend songs to friends,” says the FT, adding:

“Record executives are hoping to harness that behaviour to promote new artists and to drum up sales.”

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Also See:
Financial Times - Facebook asks labels about music service, March 5, 2008

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This entry was posted on Wednesday, March 5th, 2008 at 10:13 am and is filed under Music. You can follow any responses to this entry through the RSS 2.0 feed. You can skip to the end and leave a response. Pinging is currently not allowed.

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