MySpace has just announced that its launching a music store that'll be stocked with DRM-free MP3s from three of the four major labels as well as loads of indie prints. The giant social networking site will be selling MP3s that are able to play on virtually any portable audio player, hoping to take its cachet with bands in a more profitable direction.

Unfortunately, it might be too late for MySpace, a site who's popularity is quickly being sucked up by rival Facebook. With MySpace increasingly being overrun by spammers and scammers, it's going to be tough to convince people to trust it with their credit card numbers. We'll see how this does against the big boys of Amazon and Apple.

Via Ars Technica