Nearly three million bands are featured on the site and the plan will enable individual bands to decide on the price of their tracks.
"The goal is to be one of the biggest digital music stores out there," MySpace co-founder Chris DeWolfe explained to the Reuters news agency.
"Everyone we've spoken to definitely wants an alternative to iTunes and the iPod. MySpace could be that alternative," and he added, "A band in Iowa can now reach out to fans in Los Angeles."
MySpace.com, which is now owned by media giant News Corporation, currently allows site visitors to listen to up to four songs per band, however, these tracks cannot be downloaded or transferred to portable music players.
This year, MySpace became the most visited Internet address by American web users but that claim is now strongly contested by the video site YouTube.
