noah | September 15, 2008 11:30 am
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MySpace 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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