Vivendi Games executive Nicholas Longano has teamed up with songwriter and producer Rodney Jerkins to work on an online virtual world based around music.

A more basic version of Second Life, the site Music Mogul will feature social-networking functions, online games and "live" performances that users can watch in streaming video.

In an attempt to build up an online audience, Music Mogul will be offering the chance of real-life rewards to those who upload videos of themselves performing. The big prize up for grabs on the site's launch will be a three-song demo deal with Jerkins' Darkchild Productions.

A preview of what we can expect from the site will be posted at it's holding page, musicmogul.com, on November 24th, with the full launch expected in February.

It seems that users will be able to access the site and its social-networking features for free but that you'll be able to buy upgrades for your avatars home and clothing, as well as pay for some events. Alternatively, there will be a monthly subscription fee that will cover all fee-based events and avatar accessories, rather than just buying them separately.

Established musicians will also play a part on the site, as well as those up and coming ones. They'll be invited to set up "celebrity cribs" on the site, stag fee-based album release parties and sell both real and virtual merchandise in the shape of albums and avatar accessories.

We'll bring you more on the site as we hear it.