Samsung has quietly announced that it has plans to launch a digital music store under a deal struck with MusicNet.

MusicNet will run the service and provide the technology and music catalogues for the new subscription music service. The company also provides content and technology to AOL, HMV, Virgin Digital, and MusicGremlin.

ITunes’ 70% market share of the US music download market has apparently scared Samsung off, as the service will first be rolled out in France, Germany, and the UK, with expansion plans in to the rest of Europe and Asia.

The online music store will work with its new media players, including the elegant new K5 player, which comes uniquely with slide-out speakers.