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MySpace Music Launches, Challenges Apple's iTunes

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News Corp's MySpace launches a new online music service on Thursday, aiming to loosen Apple's grip on the US music industry and challenge all other online rivals.

The service, MySpace Music, also aims to come to the aid of a music industry reeling from the continued slide in CD sales.

MySpace Music is viewed by the music industry as an alternative to prior partnerships, most notably, its pact with Apple's Steve Jobs.

Label chiefs have long grumbled that Apple's iTunes service is primarily designed to funnel profits back to Apple's iPod and iPhone devices at the expense of the music industry.

But so far, no contenders have managed to dent iTunes.

Read the whole story at Financial Times