MySpace has gone on to become the largest music community, no doubt, and now they will have to give both Amazon and Apple’s iTunes a run for its money.  Amazon is in the running to be powering the “Buy Music” function of the ad-supported site, by the way.

This should be getting interesting.  Read more here and here.  Tech Crunch is running with the rumor that MySpace will pull a Hulu and raise private equity/VC money and essentially spin off MySpace Music.  Thus far, this paid off with Hulu, though I don’t think anyone within NBC or News Corp. (the owners of the joint venture that is Hulu) really know what the end game / outcome / exit will look like… but in a world where YouTube generated 5B monthly streams and owns the video space, who cares about end games and outcomes right now?

For this reason, considering just how bloodied the music industry has been, and the fact that Apple and Amazon basically own the online music, Rupert Murdoch’s strategy of opening up MySpace Music and sharing ownership with the media companies that own the intellectual property (the muzzak) is a wise bet, after all, Hulu’s content library was helped considerably thanks to NBC and News Corp.’s vaults.