Wednesday, August 19, 2009

Back home, what news of MySpace Music?

While MySpace has been drumming up the cash to buy iLike, how are things going at the last brilliant idea to put MySpace at the heart of social music?

That would be MySpace Music. You remember MySpace Music, don't you?

It's doing well. Kind of. It's certainly bringing a lot of traffic to the site, which is a bit of a problem, as they're attracting greedy ears and not open wallets, and so to cut losses, they're switching off autoplay:

But all that popularity comes at a price - billions of free streaming songs are costing MySpace up to $10 million a month in streaming fees, says a source, and the joint venture may lose $20 million or more this year.

So autostreaming is now off in a bid to try and stop some of the bandwidth costs sucking the money out the service.

Although 'making visitors hit a play button' doesn't quite sound convincing as a business plan to turn the fortunes of the site around.