The service, which will rival Spotify and Last.fm, will offer unlimited streaming and playlisting. Users can also download and personalise content.
MySpace Music is being supported by artists including 50 Cent, Kasabian, Florence & the Machine and Nelly Furtado. The MySpace Artist Dashboard will give them access to users' demographic, social and activity data.
Separately, MySpace has signed an agreement with PRS for Music, which will enable artists and composers to receive royalties when their work is played via the site.