It seems that MySpace wants to take advantage of its leading position within the existing social networking sites, since this Thursday, MySpace Music was unveiled by MySpace officials. The new music service joins iTunes on the online music market, as it is said that it will offer much of what iTunes does and even more. “They have a huge community that wants to talk, share and learn about music,” Rich Greenfield, Pali Capital analyst, recently said, according to the New York Times. “Nobody else has that. There is music discovery happening on MySpace that is far deeper and broader than what’s going on iTunes,” he added.

MySpace announced that it will work alongside three of the biggest recording labels: Universal, Warner, and Sony BMG. Through MySpace, the three companies will offer customers online music catalogues, ad-free music and video streaming as well as paid MP3 downloads. Information regarding fees hasn’t yet been disclosed.

Apple reports indicate that, since iTunes music sales were launched five years ago, the company has had more than 50 million customers adding up to a whopping 4 billion purchased songs. Baring this in mind, it becomes quite clear that MySpace is in for a very profitable ride.

Another fairly appealing, however still to be confirmed idea is the bringing aboard of mobile phone operators, in order to allow users to download and open audio files using their mobile phones as support.