Myspace signs landmark deal with the indies

MYSPACE has settled a year-long dispute with independent record companies in a landmark deal that will allow artists including Artic Monkeys&nbsp; to charge for tracks on the social networking site&rsquo;s music service. <br /><br />Myspace, which is owned by Rupert Murdoch&rsquo;s media empire News Corporation, launched its music service in the US last year &ndash; but it sparked anger from smaller labels who accused the site of excluding them.<br /><br />The four record heavyweights that signed up to the new service &ndash; Sony, Universal, Warner and Guy Hand&rsquo;s owned EMI &ndash; all pocketed an equity stake in the venture.&nbsp; But Merlin, which represents independent companies and ten per cent of the global music market said they were not offered favourable terms. <br /><br />But under the new deal, the independents will &ldquo;benefit from the financial growth&rdquo; of MySpace Music.