Sure, like that's gonna happen

Seems that MySpace is starting an on-line music service to compete with iTunes. "The service is a joint venture with three of the biggest record labels: Vivendi SA's Universal Music Group, Warner Music Group Corp. (WMG) and Sony BMG Entertainment, owned by Sony Corp. (SNE) and Bertelsmann AG. The companies will split revenue with MySpace from sales of songs, advertising, concert tickets, merchandise sales and other activity. The move comes amid signs that MySpace, which has about 110 million monthly users, is losing momentum to Facebook and other fast-growing upstarts."
Of course, Apple isn't sitting still; al-Reuters is reporting that iTunes is now the top music retailer in the US, surpassing Wal-Mart, Best Buy, and Target.