April 20, 2009

A Tale of MySpace and Music [7:28 am]


MySpace hopes to turn free songs into needed cash
(pdf)

The setup gives MySpace and the music industry a share of song-download sales from Amazon, and it could bring new revenue from ads. Next, Holt plans to make MySpace into a seller of concert tickets and band merchandise, while better targeting songs, ring tones, artists and ads at the people who will probably be interested in them.

Through these efforts, MySpace’s vaunted music-promoting power could help patch the leaks that have sprung up in the recording business. Even with sales of song downloads on the rise, the music industry is not recouping the revenue lost from falling sales of compact discs.

MySpace’s objective will be to find “half a dozen new revenue streams” that will help recording labels move away from just selling song downloads and CDs, said Rio Caraeff, executive vice president of Universal Music Group’s digital strategy unit. “We’d rather have 10 healthy revenue streams than one big revenue stream prone to disruption.”

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