MySpace is working on a digital music store, striking a deal with three of the big four music companies to start a music Web site.
The New York Times reports that MySpace will spin out its MySpace Music service as an independent joint venture, in partnership with Universal Music, Sony BMG and Warner Music Group. EMI [...]

Social media network imeem and Warner Music Group today announced a strategic partnership that will make Warner’s library of music available to imeem users in North America for on-demand streaming using imeem‚Äôs free, ad-supported service.
imeem’s Web site lets users create, share and discover user-generated custom playlists, video channels, photo slideshows, and blogs with other members [...]

It looks like the recording industry has learned that the promotional value of music videos is worth more than revenue from digital music video sales. Both EMI and Warner have announced plans to offer free Internet music videos.
EMI Music, Google and YouTube Announce Partnership
EMI Music, Google and YouTube today announced an agreement which will give [...]