Snocap, MySpace Ink Music Store Deal

Snocap, the legal peer-to-peer network created by Napster founder Shawn Fanning, said Tuesday it had penned a deal with social networking site MySpace that will allow artists to sell music directly to fans through their MySpace music pages.

The agreement is the first e-commerce partnership for either site. MySpace will now be able to provide tools to artists that will allow them, as well as the record labels, to set prices, create stores, and sell music in MP3 format. Additionally, the site will allow fans to grab HTML code to place the music stores on their own pages.

"Up until now bands faced the challenges of content availability, technology and distribution," MySpace president Tom Anderson said. "This music service enables artists and labels to oversee their own commercial and distribution platforms while lowering the barriers for all bands to sell music directly to their fans in a way that's easy and totally legal."

The deal could potentially make MySpace a near instant force in online music sales. The company hosts some 100 million user profiles, and is visited monthly by some 50 million plus unique visitors. Its music pages have become a popular way for artists to connect directly with their fans.

However, at the same time, the new service may be hampered by the fact that it will only offer MP3's, minus any DRM, analysts note. Either way, they say the service is a great way for bands to get their music out, and also generate revenue.

"It's a great way to play into the allure of being part of the cool crowd - one of MySpace's greatest strengths," Liz Gannes wrote for GigaOm. "Bands will be able to set their prices, with MySpace and Snocap each getting a cut."

The music service is expected to be available in the United States by the end of this year, the two companies said.

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