MySpace, along with the big four record labels, EMI, Sony BMG, Universal Music Group, Warner Music Group as well as Sony ATV/Music Publishing have unveiled the new, revamped "MySpace Music".

Promising a host of new features for both users and artists, MySpace Music will encompass audio and video content, e-commerce offerings, and user and artist playlists.

The first phase in a global roll-out, the service will go live in the States initially, with other territory launches planned soon.

US users of the social networking site will get access to a new "MyMusic" personal music management toolset, free and unlimited ad-supported, full-length audio streaming and free and unlimited playlist functionality.

In addition, DRM-free MP3 music paid-for downloads powered by Amazon MP3 will be available via the site as will ringtones from Jamster.