Popular Internet social network MySpace, Sony BMG Music Entertainment, Universal Music Group, and Warner Music Group Thursday (April 3) formally announced the much-rumored formation of a new joint venture, MySpace Music. The company marries the MySpace music community with the catalogue of music content of the three labels. The financial terms of the partnership were not disclosed.

The service will be a one-stop destination for all things music, including DRM-free full-song downloads, ad-supported free full-song streaming, concert tickets, merchandise and ringtones. There may even be a mobile storefront that will include some or all of these services as well.