WASHINGTON (MarketWatch) -- One of the most popular online Web sites for artists and musicians is going offline to grow. MySpace.com, acquired by News Corp. (NWS)(NWS.A) earlier this year, will release a CD on its own label featuring major, indie-label and unsigned artists. MySpace.com is a social networking site, with a music section that includes Web pages for more than 500,000 artists and bands.
CEO Chris DeWolfe said MySpace.com has become more than a Web site. "It's become a lifestyle brand," he told the Hollywood Reporter. "Radio has become less and less important. MySpace, by getting so huge, can truly move the needle in terms of musical tastes." DeWolfe said the new label will sign and market artists, and Interscope Records, part of Universal Music Group (V), will handle manufacturing the CDs.
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