While MySpace was able to sign up the four Majors the independent labels were left out and are not happy.

There will be an “exodus” of music artists from MySpace over the website’s new music download service, a record label boss has warned.

Koch president Bob Frank said: “Our issue is not with the majors having equity, but with MySpace believing that we would accept this without similar terms.

“MySpace continually states that it is embracing the independents. It’s a pretty listless and cold embrace.”