It looks like MySpace has found a cash cow. Last week the company reported it will soon start selling music from nearly 3 million unsigned bands on its website:
"The goal is to be one of the biggest digital music stores out there," MySpace co-founder Chris DeWolfe told Reuters. "Everyone we've spoken to definitely wants an alternative to iTunes and the iPod. MySpace could be that alternative."
In the past year, MySpace.com has become the single most visited Internet address among U.S. Web users, according to Hitwise, with mainly teenagers and young adults using the site to socialize, share music and photographs.
Before the end of 2006, De Wolfe said MySpace will offer independent bands that have not signed with a record label a chance to sell their music on the site. MySpace says it has nearly 3 million bands showcasing their music.