MySpace has just launched an online music store. It will allow its US users to tune in for no charge, but they will pay for downloads.

The ad-funded service allows MySpace members to listen to streamed audio tracks on their computers absolutely free. They will be allowed to build up extensive playlists of their favourite music tracks. Users will need to get a copy of a track from partner Amazon’s music store in order to enjoy the same on a portable player.

The new MySpace service is hoping to cash in on the social networking website’s long-standing link with new as well as established bands. The music service has been unveiled with backing from four of the biggest music labels, namely Universal, Warner, EMI and Sony BMG - plus The Orchard, an independent music group.

The move by MySpace is widely being perceived as a direct snub to Apples’ iTunes that is currently the dominant player in the domain of online music.

A BBC News report, explaining the rationale of the move, mentions: “It is known that record labels are apparently frustrated with Apple’s unwillingness to charge higher prices for some of the more popular tracks.”