MySpace Music Launches

News Corp’s MySpace launched a new online music service today, aiming to loosen Apple’s grip on the US music industry and challenge all other online rivals.

Label chiefs have been upset at Apple’s iTunes for funneling profits back to Apple’s iPod and iPhone devices at the expense of the music industry. Vivendi’s Universal Music Group, Sony BMG and Warner Music Group will own about 40 per cent of MySpace Music joint venture.

“Ultimately, it gives us some skin in the game,” says Rio Caraeff, Universal Music Group’s executive vice president of digital. “It gives us a voice in the ongoing development of the business.”