Mission Impossible: Myspace Music

Great perspective from Om Malik regarding Myspace Music’s prospects. Om always gets down to brass tax money-wise, and that’s why I like to peruse his perspective from time to time.

But he’s got it nailed here:

Why can’t its corporate backers, News Corp., and all the record labels who own a piece of this company pony up the dollars themselves? Or do their non-actions speak for their relative faith in the prospects of the project? Of course, if I was them, I would not put my own cash in a company that has failed to hire a chief executive, though it has been a few months since the service was first announced in April 2008. Can’t they convince anyone to take on this mission impossible?

It does start to look like Mission Impossible when you consider Myspace had to go out and raise $100 million to put together this thing that is currently rudderless, I mean, CEO-less. 

It makes me posit that Myspace Music went out and raised the same $100 million that imeem had to go out and raise in order to build basically the exact same product.

And now comes the hard part… making that money back.

And then turning a profit.