MySpace.com has announced that it has launched its own record label, in collaboration with Interscope Records. MySpace.com is a social networking Web site and is hoping to cash in on some of its more music-savvy users.

The company said yesterday that MySpace Records will prominently feature unsigned and independent artists, though compilations featuring popular artists signed to other labels will also be featured. The first CD goes on sale this month.

MySpace CEO Chris DeWolfe said: "We have marketing power reach at our fingertips," referring to the recent acquirement of the company by News Corp. -- the company behind 20th Century Fox.

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