EMI hopes to launch their own digital music service by year’s end, the label revealed. Even though CD sales are consistently on the decline while digital sales rise, a source close to the new service says “This is not an effort to compete with iTunes or Amazon.” Instead, it reflects an attempt to EMI to better connect with the internet age by providing consumers with a more modern, direct way of purchasing EMI music. The label hasn’t counted out adding other labels to their enterprise, however. EMI’s service will reportedly provide a blend of free and paid content, plus it will contain a “music discovery function” akin to last.fm and Pandora. The launch of their own music service might explain EMI’s reluctance in the past to join similar sites like MySpace Music.

Related Stories:

• MySpace Music Launches After EMI Signs On

• Depeche Mode Signs Worldwide Deal With EMI

• After Power Shift, Layoffs Begin at EMI

• More Stories From The Industry