In the fast-paced world of social media, it seems a lifetime ago that MySpace announced the impending debut of MySpace Music — but it was actually only last April.

While it isn't clear what called for the big delay, the social network is now ready to launch the music site — which could debut in mere days, Ars Technica claims.

The site has targeted independent bands since inception, but larger stakes are riding MySpace Music, a joint venture between MySpace, Sony BMG, Universal Music Group, Warner Music Group, and Fox Interactive Media (owned by News Corp.). Negotiations with EMI are also pending.

The so-called "Big Four" record labels will provide ad-supported music from their own catalogs. Users can also download MP3s — that is, music without digital copy protection — enabling them to swap tracks or play them from any digital music player.

"[Labels] will be invested in seeing this succeed," said president Jeff Berman of sales and marketing at MySpace.

The venture's financial details are private, but speculators say MySpace sought to raise $100 million for a $2 billion valuation. Labels reportedly hope it will weaken iTunes' stranglehold on the legal online music market.

MySpace currently serves a user base of 120 million, of which over five million are artists or bands. Earlier this year, rival Facebook inked a deal with iTunes, enabling users to stream tracks or buy them directly from the popular music store.