MySpace, owned by

News Corp.

(NWS) - Get Report

, Thursday introduced a new new suite of products that allows users to buy song downloads, listen to free streaming audio, and to make playlists, in a joint venture with major record labels.

MySpace said the new products mark the first phase in an "iterative global product rollout which will ultimately include a vast catalogue of premium and promotional content, a wide selection of new user-to-user sharing tools, digital e-commerce opportunities for artists, and ultimately sales of merchandise and concert tickets."

BusinessWeek

reports the MySpace Music site is the music industry's largest attempt to date to generate advertising revenue in exchange for free online music.

Music companies

EMI Group

,

Warner Music Group

(WMG) - Get Report

,

Universal Music Group

and Sony BMG Music Entertainment, a joint venture of

Sony

(SNE) - Get Report

and

Bertelsmann AG

, have licensed their catalogs to MySpace and are equity partners in the venture.

MySpace Music also incorporates the music catalog from

Orchard

(ORCD)

, a provider of independent digital music.

The labels get a cut of revenue from ads that sit on the page or player,

BusinessWeek

reports.

MySpace is still looking for a chief executive to run the music venture. The company also has been recently looking to raise about $100 million to $200 million in equity financing for the music operation, the

Wall Street Journal

reports, citing people familiar with the matter.

The first four integrated sponsors to advertise on MySpace Music are

McDonald's

(MCD) - Get Report

,

Sony Pictures

,

State Farm

, and

Toyota

(TM) - Get Report

, MySpace said.