Three major labels have signed up to the deal
MySpace is set to launch a new music download service that will allow users to download songs, mobile phone ringtones and desktop wallpapers from the site.
Merchandise and gig tickets will also be sold from artists’ profile pages.
However, the company have not yet confirmed how much music downloads and other services will cost.
Major labels Sony BMG, Universal and Warner Music Group have already signed up to the new MySpace Music service.
MySpace has explained that the new services will be available from a MySpace Music homepage, set to be unveiled over the coming months.