MySpace Music lined up an impressive list of sponsors just days before the service is expected to be officially launched. In addition to being a joint venture with three of the biggest music labels in the industry, Sony BMG Music Entertainment, Universal Music Group and Warner Music, MySpace Music will also have the support of McDonald’s, Sony Pictures, Toyota and State Farm.

Earlier in spring, MySpace confirmed that the MySpace Music service is more than a rumor, it’s a reality meant to reach an even larger community of fans by all means.

In the past, MySpace ventured into the online music world by signing a partnership with Snocap, a company founded by the former Napster developer Shawn Fanning. The partnership was announced in September 2006, when Snocap became the provider of digital music retail tools for MySpace, marking the first music e-commerce deal for both companies.

MySpace Music promises to be one big deal, able to generate a new stream of revenue from its huge audience, while the music companies will have a new way of compensating some of the losses from the declining CD sales.

Well, the situation is not all peachy however, as News Corp., MySpace’s parent company, failed to provide a name for the top job at MySpace Music. The battle is now said to be between Andy Schuon, Universal Music executive, and Owen Van Natta, former vice president of operations and chief revenue officer at Facebook, LA Times reported.

Until then, the expectations for MySpace Music grow bigger, with many people expecting it to become the Number 1 iTunes rival. Based on its dominance and popularity compared to other social networks, MySpace is likely to use that in its advantage and boost music sales at unprecedented rates.