The social networking website MySpace.com has launched its own record label in a joint venture with Interscope Records hoping to capitalize on its broad reach among music-savvy consumers.
MySpace Records will feature independent and unsigned artists as well as compilations that include top groups from other labels, the company said this Thursday (11/03).
The label's first release will be a compilation of tracks that have become popular among the sites 36 million registered users and will feature songs from groups such as Weezer. "
MySpace Records: Volume I" goes on sale November 15 at major retail locations.
The company was recently bought by the media conglomerate News Corp. Executives said the new record label would take advantage of its parent company's reach. "We have marketing power reach at our fingertips," MySpace CEO Chris DeWolfe said Thursday. He said the relationship with News Corp. could get bands it signs into movies developed by 20th Century Fox and on television shows on the Fox network.
The label has already signed its first artist, a group called Hollywood Undead.
The label will be owned by MySpace and records will be distributed by Interscope. But Interscope has the option of increasing its stake in the partnership if a band makes it big and needs more of the management and marketing resources Interscope can provide, the company said.
Read more in Gary Gentile's article at AP.
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