Myspace comes up with iTunes contender

Mammoth Social Networking site Myspace has debuted what Myspace officials call MySpace Music 2.0, reports the New Zealand Herald.

The first module in the project is Transmissions which has been released on the 4th of December 2007 and which is presented as a a platform for recording artists to create and distribute new content.

Transmissions looks to launch more Lily Allen's and hopefully generate a profit in the process; however Wired's blog was quick to show some of the shortfalls of Transmission as well as areas where it could improve on.

The site offers the possibility to buy songs and albums from featured artists on the site. The first artist to participate in Transmissions was British Singer James Blunt who re-recorded five songs for the site and he is still the featured artist.

Other ways of monetising the project are in the pipeline and include ad revenue-sharing deals.

However, one week after the launch though, a first review shows that it is not on track to become a runaway success - only 1800 or so people have registered as friends of Transmissions and the forums have only attracted 24 posts in all.