The year long negotiations between Myspace Music and several independent record labels came to an end as they signed a deal which will see music from leading British artists such as Arctic Monkeys, Adele and Antony and the Johnsons featuring on the site.
Myspace Music, which is part of the social networking giant Myspace that was launched in 2008, allows the users to pay for downloading music and buy merchandise.
It was launched in collaboration with four major record labels – EMI, Warner, Sony and Universal along with a handful of independents. At the time, several small labels refused to join, complaining about not getting a fair deal.
But now, after year long arguments over the terms and conditions, the independent labels will be join the bandwagon.
It has been reported that the independent music agency, Merlin, which accounts for 10 percent of the global music market has also entered an agreement with MySpace music, bringing with its labels representing British artists like The Prodigy, Adele and Franz Ferdinand.
Charles Caldas, chief executive of Merlin commented that although the company was critical of the Myspace venture when it was first launched, this deal is crucial for its members and for independent record companies in general.
MySpace Music, which has 18 million users a month in the US, is soon to launch formally in the UK although surfers here can already browse the site but can't buy any tracks. MSM will go head to head against other online music services like Spotify or iTunes.