updated 11/3/2005 9:41:01 PM ET 2005-11-04T02:41:01

The social networking Web site MySpace.com has launched its own record label in a joint venture with Interscope Records, hoping to capitalize on its broad reach among music-savvy consumers.

MySpace Records will feature independent and unsigned artists as well as compilations that include top groups from other labels, the company said Thursday.

The label’s first release will be a compilation of tracks that have become popular among the sites 36 million registered users and will feature songs from groups such as Weezer.

“MySpace Records: Volume I” goes on sale Nov. 15 at major retail locations.

The company was recently bought by the media conglomerate News Corp. Executives said the new record label would take advantage of its parent company’s reach.

“We have marketing power reach at our fingertips,” MySpace CEO Chris DeWolfe said Thursday. He said the relationship with News Corp. could get bands it signs into movies developed by 20th Century Fox and on television shows on the Fox network.

The label has already signed its first artist, a group called Hollywood Undead.

The label will be owned by MySpace and records will be distributed by Interscope. But Interscope has the option of increasing its stake in the partnership if a band makes it big and needs more of the management and marketing resources Interscope can provide, the company said.

Marketing wonder
MySpace has ballooned since it was created in 1999. The site has struck marketing deals with major Hollywood studios, TV networks and record labels to promote programs, films and musical acts on its site.

But it has been in music that the site has made its biggest mark. The site has premiered new CD releases from such artists as R.E.M., Nine Inch Nails and Black Eyed Peas.

MySpace is expanding its brand in other areas as well, including a satellite radio channel that will launch in the next six months. The company is also considering starting its own film imprint, DeWolfe said.

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