EMI supports ad based peer-to-peer music service - could it one day rival iTunes?

EMI Group announced it will make its music catalog available to the first advertising supported peer-to-peer service as the entertainment industry embraces the same technology that once nearly crippled it.

The new service called Qtrax, developed by New York-based LTDnetwork and slated for launch later this year, will give consumers the ability to download music for free after watching ads, or the option of paying for a premium subscription version.

Ad based Internet music and TV/video services are going to be successful - there is no doubt. The likes of Apple's iTunes should beware. Both ad based services and subscription models could be the hammer that slams the first few nails into iTunes coffin if they do not respond in some measure.