About a year ago I said:

“…MySpace will slowly emerge as the new record label of the decade, if they continue to focus on music networking.”

Maybe a little to late. Tumblr might have a better shot now.

In today’s Financial Times:

MySpace abandons race with Facebook

By Matthew Garrahan in Los Angeles

Published: October 22 2009 00:03 | Last updated: October 22 2009 00:03

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“Owen Van Natta, a former Facebook executive who replaced Chris DeWolfe as chief executive of MySpace six months ago, said the company instead aimed to become an online hub for music and entertainment.”

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“Mr Van Natta wants to capitalise on MySpace’s status as a leading online music destination and used a presentation at the Web 2.0 conference in San Francisco on Wednesday to unveil new features that enhance its music credentials.”

The company has struck a deal with Apple’s iTunes store to allow its users to buy tracks without having to leave the MySpace site. It has integrated iLike, a music application company, and launched Dashboard, an interactive tool for bands and musicians, as well as compiling the largest catalogue of music videos on the web.

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“There is a movement around the socialisation of the web,” he said. “People want to experience [what’s available on] the web with other people.”

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