MySpace Thursday announced its launch of an online music service, as part of a joint venture with three of the largest recording companies.

This service allows users to listen to music and watch videos for free and purchase music downloads from the site directly, according to the Associated Press.

The music companies involved in the venture are Universal Music Group, Sony BMG Music Entertainment and Warner Music Group Corp. The fourth largest, EMI Group PLC, is not part of the deal.

The service, called MySpace Music, will generate revenue through music download sales and advertising, as well as sales of concert tickets, merchandise and ringtones.

The financial details of the deal were not disclosed, according to the article posted by MediaInfoCenter.