Monday, September 29, 2008

Myspace Founder Out to Revolutionize the Music Industry

I, for one, would love it if this infringed on Live Nation, break up their monopolistic hold a little.

THE founder and CEO of MySpace, Chris DeWolfe, is out to revolutionize the music industry - and make some money. MySpace, which has so far relied heavily on advertising revenues to make bank, will now pocket a percentage of every song sold - and in "phase two," when it starts selling concert tickets and merchandise, it will receive a cut of those as well. But DeWolfe says he's not out to infringe on Live Nation's business. "Most of our concerts are sponsored - and Live Nation pays big money for big-name acts," he said Friday. "We're just distributing through the Internet." MySpace is owned by News Corp., which also owns The Post. (NY Post)

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