Last night MySpace unveiled its ad-supported streaming music and video service, MySpace Music.

The service includes shareable playlists and the ability to buy tracks from iTunes rival Amazon. Over time, users will also be able to purchase ringtones, merchandise and concert tickets, reports MediaPost.

The anticipated site is the fruit of a partnership between EMI, Sony BMG, Universal Music, Warner Music Group and Sony ATV/Music Publishing. The Orchard also availed its catalogue of digital music to the offering.

In addition to ad-supported streaming music, users get free discography and content catalogues from Warner, Universal and Sony BMG artists. The MP3 ringtone-based service will be provided by Jamster.

Premiere launch sponsors include Sony Pictures, State Farm, McDonald's and Toyota.

Sony will promote the oddly appropriate feature film Nick & Norah's Infinite Playlist, wrapping all MySpace Music users' playlists with promotional skins. McDonald's will feature prominently on MySpace Music's personal player and give away free music downloads.

Every Tuesday for a year, users will be able to download more free music, courtesy of Toyota Tuesdays. And State Farm will feature ads across all pages, including the Featured Playlist, Personal Music Player and MyMusic — a destination where users can build and edit playlists.

MySpace's ad sales team will aggressively promote sponsorship opportunities on the platform.