MySpace has been a catalyst for a number of breakout bands since the social networking site’s launch, allowing bands to stream a limited amount of their music and connect with fans. But now MySpace has entered the fray as a music store with the expanded relaunch of MySpace Music. It’s a big idea that has many in the industry optimistic about bringing income streams into social networking on a large scale. “This is about advertising, sponsorship and all sorts of ways to draw upon other potential income streams,” says RCA Music Group general manager Tom Corson. “We’re hopeful. We’re just trying to stay in the game.” But not everybody is convinced. Click below for more on MySpace Music, including the early snafus and how bands are responding to the new service.

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