Source- MySpace to announce new music service on Thursday

Source: MySpace to announce new music service on Thursday
It's been well-reported that label honchos think Jobs and his ubiquitous iPod have amassed too much control. MySpace Music is apparently part of a strategy by the big music companies to find an iTunes competitor, even if they have to help create one. The music service enables MySpace to leap past competitors Imeem and Last.fm, which beat MySpace to the punch when they began providing free, streaming music to users. But now, MySpace can present everything those services do and much more. Facebook was reportedly also in talks with the major record labels, but the music industry source said that unless something dramatic happens, Facebook is months away from being where MySpace is now. MySpace Music will launch with songs from three of the top four record labels: Universal Music Group, Warner Music Group, and Sony BMG Music Entertainment. The only label that hasn't agreed to the deal is EMI Music Group, said the source, who added that MySpace and EMI executives are working around the clock to close the deal and everyone involved is confident that EMI will eventually be part of the service.All the labels will receive a minority share in the company and a share of all the revenue generated from the site, according to the source, who spoke on condition on anonymity. Universal Music Group was thought to be holding up the service because of a copyright-infringement lawsuit that it filed against MySpace last year. MySpace has agreed to pay a "huge" settlement, according to Peter Kafka at Silicon Alley Insider.