The Daily Swarm

UPDATE: Digital Music News:

A ramped-up MySpace Music will include participation from the independent label sector, according to information offered by MySpace chief executive and cofounder Chris DeWolfe on Thursday. “They will definitely be involved in it,” DeWolfe told Digital Music News in a post-announcement interview. “We are actively reaching out to different groups that are representing independent labels,” the executive continued, though specific companies were not disclosed. “Independent artists are what helped us get started,” the executive indicated.

WSJ:

News Corp.‘s MySpace announced an online music service with three major record companies in a bid to bolster the world’s most popular social-networking site and dent Apple Inc.‘s dominant position in digital music.

The service, MySpace Music, will let people to buy music to download to digital-music players. It will also let users continue to listen to music for free at their computers, as MySpace users do already.

The move comes amid signs MySpace, which has about 110 million monthly users, is losing momentum to Facebook and other fast-growing upstarts. News Corp. also is ramping up efforts to generate more advertising and other revenue from MySpace. News Corp. owns Dow Jones & Co., publisher of The Wall Street Journal.

“This has the potential to be a significant revenue driver,” MySpace Chief Operating Officer Amit Kapur said in an interview. He said the music service builds on what is already a thriving environment for music on MySpace, and the hybrid business of ad-supported music and downloads gives MySpace more than one revenue stream.

Billboard.biz:

The much-anticipated digital music service from MySpace could go live as early as Thursday, but most likely Friday, Billboard.biz has learned.

According to sources close to the discussions, UMG and WMG have either already signed agreements or are in the process of doing so today. EMI is not expected to be on board at this time, and Sony BMG‘s status remains questionable. Draft versions of a press release announcing the service are in the review stage, with only a few minor details and distribution date left to finalize.

Simply called MySpace Music, the service is expected to be a one-stop destination for all things music, including DRM-free full-song downloads, ad-supported free full-song streaming, concert tickets, merchandise, ringtones. There may even be a mobile storefront that will include some or all of these services as well.

Reuters:

News Corp, Sony BMG Music Entertainment, Vivendi SA’s (VIV.PA: Quote, Profile, Research) Universal Music Group and Warner Music Group Corp (WMG.N: Quote, Profile, Research) will each have a stake in the venture, the sources said. It is not clear if EMI Group, the fourth-largest music label, will be involved.

The music companies have been in talks with MySpace for several weeks, but a key obstacle is a 2006 copyright lawsuit filed by Universal Music against MySpace. One of the sources familiar with talks said progress was being made and the suit could be settled in time for the announcement.