While a lot of music sites on the Web only offer tunes from big name labels, a new joint venture unveiled today will eventually bring together music from Sony, Warner, and Universal recording artists with that of lesser known talents on MySpace.

Participants in the MySpace social networking community will continue to be able to download and stream DRM-free music without cost on MySpace Music, officials said in a teleconference today. The addition of three of the four major labels, however, will make the service more appealing to users.

But beyond supplying what's planned to be the biggest music catalog available online, the expanded site will also add a new "e-commerce platform."

Although details still remain sketchy, the partners have also announced a new "online storefront," for sales of items that are expected to include ringtones, concert tickets, and other merchandise.

MySpace CEO Chris DeWolfe told reporters today that the expanded MySpace Music site will furnish "new revenue models for both MySpace and the music companies."

Amit Kapur, the COO of MySpace, added that the expanded site will offer music from both the three partner music companies and new and unsigned artists. MySpace Music, though, has already been providing DRM-free downloads of music from new and unsigned artists, anyway.

During the call, MySpace officials declined comment on why EMI -- the fourth member of the "big four" record labels -- is not part of the deal announced today.

MySpace, Sony, Universal and Warner have also remained mute about the financial aspects of their agreement.

MySpace intends to roll out the revamped music site "iteratively, in coming months."