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Karan Singh: Chief Executive Officer- Rameet Chawla: Chief Executive Officer
MySpace Music is a joint music venture, with equity stakes from major labels, that allows users to stream music on demand, create playlists, and add widget music players to their profiles. The streaming will be advertising supported - at first via display ads (like Imeem), and later via in-stream audio ads. DRM-free downloads will also be
available, either advertising supported or on a pay basis like Amazon's Music Store.
The new company will own the MySpace music property, get a cash infusion of $120 million or so from parent company News Corp, and distribute that $120 million to Sony BMG, Universal Music Group and Warner Music Group.
Advertising revenue will be split among the joint venture partners according to their equity stakes, not based on play counts.
The new MySpace Music venture was first announced in February 2008. In July 2008 MySpace CEO Chris DeWolfe announced that it would launch in September 2008.
