TechCrunch noted today that MySpace’s music store will launch in September with three of the four major labels providing content. The lone holdout, EMI, is expected to give in soon.

Chris DeWolfe, CEO of MySpace, told TechCrunch co-editor Erick Schonfeld that MySpace Music will be a music store and subscription service, with unlimited playbacks of full tracks for free.

DeWolfe said the revenue model will be advertising and paid downloads. Advertisers are reportedly lining up.

See also: Live and in concert: Why MySpace music has a chance against iTunes

MySpace Music first surfaced in March when Sony BMG and Warner were close to signing deals. Universal entered the picture in April, but this is the first time that a launch date has been discussed.

It’s interesting to see how important music is to MySpace, which hosts pages for five million artists. Sixty-five percent of MySpace users embed music on their pages and more than five billion songs are streamed on MySpace monthly.

Music, undoubtedly, will be a growth business for MySpace.