The music biz: Rupert Murdoch gets it

MySpace is going to be the future of music not record labels.

Also from the NYT today:

[EMI owner] Guy Hands said said about 80 percent of the $64 billion paid for EMI was for the music publishing unit, which owns copyrights and provides a steady flow of cash. It’s the other side of the business, recorded music, that he says he overpaid for and could wind up selling if market conditions do not improve.