On Wednesday, at Fortune’s Brainstorm Tech conference, Facebook’s competition announced that it will be launching a new music service in September. MySpace CEO Chris DeWolfe said the music service will allow MySpace users to listen to streaming video for free, as well as purchase downloads, ringtones, T-shirts, and, apparently, anything else music related. I kid, but I’m probably not too far off.

MySpace, which has been losing traction to Facebook, really needs to change things up a little bit if it’s to keep that narrow lead on their competition. Facebook’s growth has been soaring, while MySpace, the once untouchable social networking site, has slowed…and I’d dare to say not long after they were acquired by News Corp.

DeWolfe, when asked about the ever-looming Facebook, said that MySpace was more about individuality and self-expression–which is true, in my opinion, and probably one of the reasons that it never appealed to me: I just don’t have the need to do so through thumping bass and trippy visuals on my MySpace homepage. But apparently others do, and that’s why the site has become so popular. But just like any new trend or fad, the new kid (in this case Facebook) comes along, and you’re old news. Funny to think of MySpace as the underdog, isn’t it.