MySpace, rumored to be on the verge of purchasing the free music streaming site imeem, is struggling to keep up with its own payments to music copyright holders, according to a top News Corp (NWS) executive–a problem that has plagued every other licensed free music service.

The digital music doubters could be right with the contention that advertising revenue can’t cover the costs of licensing music. Meanwhile, illegitimate free music sources continue to proliferate, rendering paid music subscriptions irrelevant for most music fans.

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The iTunes music store sells single songs at approximately the same price, with artist presented in more or less the same way. Apple’s (AAPL) App Store, however, is still somewhat like the wild west (at least as far as music goes), where the rules are being made up in real time.

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Social networking feels free, but we pay for it in ways that may not be readily apparent.

The rich personal data many of us enter into these networks is a treasure trove for marketers whose job it is to target us with ever-increasing precision.

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In the golden age of the record album, friends would gather around the hi-fi system to share the latest music, most of them not paying a cent. Today, music fans do pretty much the same thing–online, in social networks. But now, just about none of them pay.

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Seven years after Apple snapped up his idea for a portable music player that worked with an online music store, iPod chief Tony Fadell is stepping down to spend more time with his family, as confirmed by Apple (AAPL) in a statement. Replacement Mark Papermaster is a chip expert and soon-to-be-former IBM (IBM) executive. His tenure could reflect a major shift in Apple’s approach to music.

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Metallica, whose leaked album Death Magnetic is slated for a Sept. 12 release, launched a promotion on YouTube today featuring the band’s favorite Metallica cover songs on the site. Drummer Lars Ulrich introduces their selections in a video posted on the site.

“It makes us feels alive and special that you guys can be out there doing that cool stuff that you guys do … we’re mighty proud of what you do out there.” says Ulrich. Later, he explains one reason the band is doing this. “You’ve all seen enough versions of us playing ‘Enter Sandman’ and ‘Master of Puppets’ on German MTV for the last 10 years. Who needs that, right?”

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