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Myspace_music_2 MySpace and the three major labels, SonyBMG, Universal, and WMG today announced the formation of a joint venture, MySpace Music. EMI is not yet part of the deal and financial terms of the partnership were not disclosed.

The new company will launch with 30 million monthly visitors and 5 million artists as well as the audio and video library of three of the world's four largest label groups. Existing franchises including Secret Shows, MySpaceLIVE!, Transmissions, and The List will all still have a place on the new MySpace Music.

Sonybmg In the coming months, MySpace Music will attempt to build on the existing popularity of the MySpace Music platform via an integrated e-commerce solution and "evolve the user’s ability to discover, share, and socialize by adding commerce and music management tools".  The new company will be based in Los Angeles with a dedicated management team.

Universal MySpace Music will integrate new content and music capabilities across a a site home page, 5 million artist pages and individual user pages providing a variety of places to discover, share, and purchase music that can be transfered to any portable device. Content will include DRM-free mp3's, ad-supported audio and video streaming, and a mobile storefront powered by Jamba (also owned by New Corp).

Wmg A music management system will allow personalization of MySpace Music directly from fan pages via playlists, purchase capabilities and search. Labels and artists can offer offer digital downloads, mobile ringtones, SMS and wallpapers as well physical goods like t-shrits and tickets.