Yup, it’s true. From News.com:
. . . compilation "MySpace Records: Volume I."
That initial title will feature a mix of tracks by major-label, independent-label and unsigned acts, including Weezer, the All-American Rejects, Dashboard Confessional, Fall Out Boy, AFI, Against Me, Plain White T's, New Year's Day and Hollywood Undead.
The latter act, a Los Angeles rock/rap act, is MySpace's first signing. The group will issue its own album on the label early in the second quarter of 2006.
The major labels have come to understand the wisdom of promoting their acts on MySpace: This year, Coldplay, Foo Fighters, Weezer, Nine Inch Nails, the Black Eyed Peas and Death Cab for Cutie, among others, have promoted their new releases with album world premieres and music streaming on the site. All those titles enjoyed debuts at or near the top of the Billboard 200. Madonna's new album, "Confessions on a Dance Floor," due Nov. 15, will be streamed exclusively on the site.