MySpace Music is set to start this month. A joint venture of MySpace, the Warner Music Group, Sony BMG and the Universal Music Group, the involved parties plan to make money from selling advertising and digital downloads of music through a partnership with EMI are likely to jump on board by the time the site launches, in exchange for a small equity stake in the venture.

With CD sales suffering annual declines of 10 to 20 percent in recent years, Myspace Music is an attempt at clawing back some of this revenue.   Greg Scholl, CEO of the Orchard, the largest distributor of digital music from independent labels, says a business like this could  “could well dwarf today’s $30 billion global recorded music industry.”   As such, the Orchard is now set to make its catalog of more than a million songs available to the site.  He further states,  “MySpace Music represents the first credible, large-scale initiative in this direction.”

Thanks to The Wire for the info.