Sep 15th, 2008 // 7 Comments

myspacemusic.jpgMySpace Music, the ass-saving joint venture between the major labels and the buggy place for friends that was supposed to launch today but will instead bow sometime this week, is apparently hoping to raise “well over $100 million” in anticipation of it being worth–hold on to your hats–some $2 billion. (Or more!) Can someone please explain to me how this might work, what with investment banks being kind of in a bad place right now and the concept of people paying for music being in an even worse spot? Sure, the service is locking up a ton of advertisers (can’t wait for “Toyota Tuesdays,” dude!), but $2 billion for what’s essentially a social-networking gloss on an Amazon affiliate program? How does that work–I really need to know. [Techcrunch]

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  1. Al Shipley

    I know an artist that’s signed to MySpace Music, and I’m still not sure what that even means. Would they theoretically be putting out retail albums (or singles) by the artists they’ve signed once the whole company gets its shit together at some point in the future, or is it all about music rights for ads and TV like that article makes it sound? Is it safe to assume they’re as screwed as they’d be on a major label?

  2. Anonymous

    I remember being at a Myspace Halloween show at Dodger Stadium I think three years ago this October.

    They announced the first artist signed to the Myspace label, The Hollywood Undead, then premiered their video. Then talked about a compilation CD that was their first release that would give you a code to let you have a top 12 instead of a top 8, or something like that.

    So how are they announcing a company that’s been around for two or three years? Maybe that was Myspace Records, not Myspace Music, has this journey already failed once for them?

  3. Maura Johnston

    @thekidslepthere: Yeah, that was MySpace Records. This is MySpace Music, the joint venture between the labels and the site. Really it’s just going to be enhanced music profiles and profit-sharing for music that actually gets sold on the site (ha ha ha).

  4. Anonymous

    @Maura Johnston: No wonder why they couldn’t find an executive to run this thing.

  5. Al Shipley

    @thekidslepthere: And here’s what Hollywood Undead’s been up to more recently:

    [voices.washingtonpost.com]

  6. Anonymous

    @Al Shipley: A friend of mine who works the door at a bar in Hollywood was working with one of the guys from Hollywood Undead. Everything sounded like a mess, they couldn’t get the rights to the samples that made them famous on the internet, News Corp had reservations with them being the first act on Myspace Records and I think they finally wound up on another label.

    My friend told me a while ago that H.U. got a bunch of money so this guy wound up quitting so they could devote all their time to recording. Hopefully they bought their own equipment so they can sell it on Ebay when labels stop dumping money on them. Can’t you already see the post on ebay heralding how you can buy the equipment from the top band on Myspace.

  7. bcapirigi

    I guess they picked a good week to do it, what with everybody being pissy about the new Facebook layout.

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