MySpace Finds New Ways of Making Money

With the surge of people using social networks over the past year in a down economy, MySpace is experimenting with new ways to make money.  For instance, Courtney Holt, President of MySpace Music, recently announced a plan to bring new revenue to MySpace by selling concert tickets and merchandise for bands on each bands’ pages.

MySpace, has long been a hot spot for bands, both underground and mainstream, to interact with fans, gain support, and advertise album releases.  In fact, most bands already do sell their albums and other merchandise on the social network but through thrid party websites anyway.  This would just give musicians the opportunity to use MySpace’s integrated tools to do the same thing for a cut of the profits.

This shift in technology is obviously due to the number of people purchasing music online and the music industry trying to figure out new ways to monotize their business.