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Tuesday, social
networking website MySpace announced that former MTV executive Courtney Holt
would be named president for MySpace Music, after rumors about Holt coming to work
for the News Corp-owned website had been circulating for weeks.
MySpace Music is a joint venture between MySpace and major
record companies Universal Music Group, Sony BMG Music, Warner Music Group and EMI
Music.
Holt is scheduled to begin on January 5, 2009 and he will
from then on work with MySpace co-founder and Chief Executive Chris DeWolfe, taking
charge of supervising the development and progress of the MySpace Music brand
and of its operations throughout the world.
Courtney Holt has previously served as executive vice
president of digital music for MTV Networks Music and Logo Group, while before
that, he was senior vice president of new media at Interscope Geffen A&M, a
record label owned by Universal Music Group and The Island Def Jam Music Group.
MySpace
launched MySpace Music back in September and the brand has ever since released album
previews and exclusive interviews with various artists, in an attempt to shift
their main revenue source- advertising-into high gear.
For the future, MySpace Music is planning to begin selling
concert tickets and artist items such as T-shirts, in order to bring in profit
from other sources, since the online advertising business is slowly weakening
by virtue of the global economic crisis.
Social networking website MySpace was purchased by News Corp
in 2005 for $588 and it rapidly became one of the most popular sites of its
like, while in June 2006, MySpace was ranked highest in terms of popularity in
the United States.
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