MySpace Music, featuring a catalog of songs which will soon include millions of tracks for free web streaming or for purchase as MP3s from Amazon, has launched. Unfortunately, the service is currently available only to US users, which means that only some of the roughly 120 million users on MySpace will be able to enjoy it. All the tracks sold will be free of Digital Rights Management protection.

MySpace Music is a joint venture with three of the most important music labels in the industry, Sony BMG Music Entertainment, Universal Music Group, Warner Music and independent music group The Orchard. In addition, it is said to benefit from the support of four major sponsors due to cover the costs of providing millions of MySpace users with free music: McDonald’s, Sony Pictures, Toyota and State Farm.

Michael Nash, executive vice president of digital strategy and business development for Warner Music Group Inc, said the partnership seeks to unlock the social value of their music. Amit Kapur, MySpace's chief operating officer, claims that they will soon have the richest catalog of content on the Internet, surpassing Apple's iTunes store, which stocks 8.5 million songs.

The association between MySpace and the three major music labels was initially made public in April, when the partners said that the venture aims to become music fans’ favorite service. The venture plans to earn money by selling advertising on the site and digital downloads of music through a reported affiliation with Amazon.com.

Apple Inc’s iTunes digital store, which is presently the No. 1 music retailer in the United States, may eventually face some tough competition from the upcoming MySpace Music.