According to CNET NEWS, MySpace Music is planning to launch a paid subscription service before the end of the year.

News Corp. purchased MySpace for $500 million a mere five years ago only to see the business fall out of favor with the all-important 18 to 35-year-old demographic and be eclipsed by Facebook. In order to generate some revenue from its dwindling market share, MySpace Music has reportedly been planning to revamp the site as a subscription service.

News Corp. chairman Rupert Murdoch has long been a vocal supported of charging for his company’s online content, and with Google about to end its advertising contract (conservatively estimated to be worth $300 million) with MySpace this month the social network will need to find a new source of income.

However the president of MySpace Music, Courtney Holt, has issued a statement denying the story claiming that the company is “always exploring new monetization opportunities, but [has] no plans to change our current service which includes streaming free music.”

MySpace is currently rumoured to be spending $20 million each month on streaming royalties.