MySpace, the popular online community, has announced its plans to offer downloadable music for sale on its popular website. Its millions of members now will not only be able to promote their music on their home page but will also be able to sell the music in mp3 format. MySpace is rumored to be currently in negotiations with EMI, one of the four major labels, for sale of its recorded music catalog. The big problem for all the major labels, however, is that MySpace downloads will not be subject to DRM restrictions. Unlike iTunes, the purchaser will be able to make an unlimited number of copies of the songs he or she downloads at MySpace. The MySpace music store will be distinguished from iTunes in another significant way . . . the owner of the song will be able to set the price . . . something the major labels have long been clamoring for on iTunes (to no avail I might add). You can read more about the new store here.