MySpace is collaborating with some of the biggest music labels to launch a digital music platform.

The social networking site is close to deals with Warner Music Group and Sony BMG, according to the New York Post.

No money will be involved in the deal as the labels are trading content rights in exchange for stakes in MySpace Music and any advertising revenue they generate from the service.

One industry insider told the NY Post: "The concept of the joint venture is to bring in all forms of making money from digital music and much more tightly integrate them."

All the companies involved have declined to release any comment relating to the deal at this point.

MySpace currently gets more than 15 million visitors to its music site, which specializes in new music promotion and tour dates. The new MySpace Music is expected to feature a combination of pay-per-download and ad-supported audio and video.

Research from Yahoo! has found that users prefer using Wikipedia to MySpace when they are looking for information on artists, despite Wikipedia only having a relatively small databank of artists in comparison.