If the world’s biggest networking site expands even more so as to offer just any noteworthy track ever recorded free for listening, it will surely be a blast. Thus, it sounds like good news for News Corp’s MySpace that announced on Sunday such a service would soon be officially launched.

MySpace Music is a joint venture with three of the most important music labels in the industry, Sony BMG Music Entertainment, Universal Music Group and Warner Music and, in addition to this, 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.

“With MySpace Music integration, premium brands are offering our users and their customers new ways to discover, experience, and share music online and offline,” said Jeff Berman, president of sales and marketing at MySpace, as quoted by Reuters.

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.

However, the launch of the site was much doubted, as a release date was not set and no chief executive was named. Still, the service is expected to launch later this week.

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 actually face some tough competition from the upcoming MySpace Music.