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Update: Rhapsody DRM-Free Music Targets iTunes

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Online music store Rhapsody is going up against iTunes with the Monday launch of a $50 million initiative that will provide DRM-free downloads, and the availability of Rhapsody content on Verizon V Cast phones and Web sites like Yahoo Music, MTV.com, and iLike.

Rhapsody, owned by RealNetworks, launched the offering, dubbed Music Without Limits, in conjunction with MTV Networks in an effort to “turbocharge the digital music industry," according to Real.

Rhapsody's digital music store will offer DRM-free MP3 tracks that can be played back on any number of digital players -- a list that, for the first time includes Apple's iPod.

The selection from the newly re-revved store includes some 5 million tracks, featuring music from a number of high-profile labels like Universal Music Group, Sony BMG Music Entertainment, Warner Music Group, and EMI, as well as a large selection of indies.

The majority of albums will be available for $9.99 a piece or $0.99 per track.

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