MySpace is moving deeper into the realm of music by planning to launch a one-stop shop for music fans with ad-supported streaming of music, MP3-formatted downloads, ringtones, tickets and more. Three out of the four majors have signed up with EMI being the lone hold-out.

A joint venture, the service is part-owned by the labels and MySpace and revenues will be split as well – details not forthcoming at this stage. The announcement may have come today but the service is 3-4 months away by which time who knows how many new services will launch/upgrade/evolve – Amazon in Europe anyone?

An evolution is already underway in the music business just by the fact of the deal with the labels embracing digital media, and social networks to boot! With Facebook and Bebo launching, building and generally diving deep into music, the summer of 2008 is going to a time of great excitement and new ways to interact with your favourite artists, or at least their representatives (they’re busy making music you know…)

“We believe that the Web is becoming increasingly more social,” MySpace founder Chris DeWolfe said during a conference call. “MySpace Music is a new way of experiencing music online that everyone can participate in. Err, not sure about that one Chris, checked out Last.FM?

More on this from Wired.