Yes, while it’s not as impressive as selling a billion songs, it’s still quite a feat nonetheless. It took iTunes over three years to sell one billion songs at $.99, and MySpace Music has already hit that milestone in under a week.
While streaming is very different to actually selling songs, MySpace Music has seen unprecedented success in a very short time. TechCrunch is reporting, however, that MySpace is reluctant to say which song was the billionth streamed, and when exactly it happened, saying only that it was “some time last week.” Since the music labels are also getting paid per stream, the success on their end is substantial as well.
My question is; if the labels are paid per stream, has MySpace done that well with advertising that they can afford to pay the massive tab to the labels? I realize the free on-demand streaming music is accompanied by buyable downloads from Amazon, ringtones, video and other content, but is it really a dependable business model in the long-run? I guess with the numbers that are already coming out, it can be. In the words of MySpace themselves; “We’re extremely pleased with the launch of MySpace Music—clearly our users around the world are engaged and excited about the new music experience on MySpace. We’ve hit some incredible milestones in only a few days—some of the numbers you’re reading about are already out of date.”
I guess what everyone is betting on is the social aspect of the whole thing- combing the already massive MySpace network of profiles with free streaming music that everyone has been after for so long. Users can create public or private playlists and embed music onto their profile pages- 65% of MySpace users add songs to their profile, and MySpace aggregates every song you’ve added to your profile and makes an initial playlist out of it for you. Artist pages, which previously only had a few promotional tracks, now include entire catalogs of their music. Any song can be clicked and added to a playlist. Maybe it will last in the long-run after all- it’s still way to early to make assumptions.