MySpace may compete with record labels for distributing new music

The social networking site is looking to draw users by offering exclusive video and audio content from artists, and is offering incentives for those artists to, in effect, "sign with MySpace."

Called MySpace Transmissions, the service will focus on differentiating itself from its competition through content that is not available elsewhere. Participants will be able to upload videos for viral distribution, or sell exclusive tracks directly to the consumer.

Examples of the new service's features include exclusive behind-the-scenes looks at use's favorite artists, or a Q&A session with fans. For example the first artist to agree to use the service, James Blunt, will use Transmissions to sell five tracks recorded exclusively for MySpace directly to fans.

The site has already become one of the preeminent destinations for bands both big and small to connect with fans. Over six million pages have been created on the site for bands, DJs, and other acts, MySpace says.

The site plans to promote content through the Transmissions profile as well as MySpaceTV. Users will be able to share the content with others through their own profiles on the network. In addition, tracks could be made available through a user's page, similar to what Blunt is doing.

Additional artists that would participate in Transmissions will be announced in the coming weeks, the company stated this morning.

"We're committed to working with all stakeholders in the industry to develop monetization structures that work for labels, bands, and fans," programming and content chief Josh Brooks said.