And the rest? Holt was less-than-flowing on the details, though one rumor is that the company is working towards some sort of paid subscription. But that would be on top of the current layout, according to Holt. “We are looking at alternate ways to make money, always,” Holt continued, while also challenging reports of slippery MySpace Music traffic declines.

Traffic problems, executive instability, a recently-crowned Facebook king… that’s just the trouble behind. So what’s the trouble ahead? In August, a multi-year, $900 million Google advertising deal comes to a close, and serious questions surround the possibility of a renewal. Or, if a renewal is negotiated, valuations are likely to be far lower.

On that point, the Wall Street Journal is pointing to more modest discussions with Google, Yahoo, and Microsoft, though nothing has been confirmed on that front. Meanwhile, MySpace UK appears to be weathering a massive traffic plunge. According to TechCrunch Europe, unique visitors have dropped 50 percent to 5 million in the past six months alone. That is leading to layoffs and frantic attempts to pump traffic, according to the report, though MySpace characterized the stats as inaccurate.

One of those is RootMusic, whose reconfigured Facebook “BandPages” continue to gain traction. According to RootMusic head of Business Development Matt Conn, the company has already built 14,000 BandPages since launching four months ago, and marquee takers include Snoop Dogg, Jason Mraz, Tom Petty & the Heartbreakers, and Drake. Basic BandPages are free, while premium features cost extra.

BandPages allow artists to deliver MySpace-style presentations, at least in the sense that elements are consolidated and more easy to access. That means an integrated music player (powered by SoundCloud) and related information. This is a better experience, and the concept has drawn an aggregate four million pageviews since launch. The San Francisco-based company is currently seeking a Series A, according to Conn.

MySpace ‘music guy’ Gill Mills will be reviewing entries for a good, unsigned match, and narrowing the list to ten hopefuls. Then, Ozzy will pick a winner by June 25th.

The gig happens July 3rd. “Throughout my career I’ve felt this obligation to give up-and-coming bands a leg up in the music business,” Ozzy relayed. “I’ve taken out bands from Motley Crue to Metallica to System of a Down and Slipknot on their first big tours.”

The iTunes Festival takes over the month of July, and features 60 artists at London’s Roundhouse. Bands include the Scissor Sisters, Paloma Faith, Pixie Lott, Goldfrapp, and Faithless. More details on the Ozzy contest at myspace.com/ozzyneedsyou.

A pointed question designed to get a reaction, though Hirschorn calmly countered the loss figure as “not correct.” And, the group noted that on-demand streaming is driving broader revenues.

But how to monetize the beast? At present, there are no plans to charge users – at least for now. “We’re constantly talking to the record labels,” Jones said. “And so that could change. Right now, we’re a valuable music discovery service for them.”

But ex-MTV and Interscope executive Courtney Holt accepted, and is now sinking his teeth into a tough challenge.  So, can this site win?  The challenge is undoubtedly difficult, though during a keynote interview at EconMusic in Los Angeles on Thursday, Holt displayed ample amounts of acumen and surprising levels of candor.

For example, why is the MySpace Music interface so cluttered and confusing?  On that question, Holt admitted to layout-related issues.  At a top level, MySpace Music revolves around four components: the user page, artist page, front door, and search.  “Each one of them is somewhat of a cul-de-sac, you [follow] what you’re looking for and then you’re stuck,” Holt shared.  “If I find an artist then I have two options: out or back, and that’s not a good user experience.  But we have all of this great data,” Holt continued.

And data, according to Holt, is a critical part of the strategy moving forward.  That includes the ability to understand who is listening to what, and how those listening experiences are connected to other bands and friends.  That information opens the possibilities, and theoretically allows MySpace Music to tighten connections with fans and bands.  “My goal is not only to provide that data back to the consumer, but also back to the artist.”

And, properly presented, dissected and relayed, the data opens innumerable possibilities.  Fans are more engaged, discovery is piqued, and connections are tightened.  Similarly, artists can theoretically gain a deeper understanding of the demographics of their fan base, and discover related groups.  “At the end of the day, those artists that engage MySpace will get something out of it,” Holt said.

But what about right now?  What is Holt doing during his first one-hundred days?  The executive pointed to quick upgrades on the player, independent label deals, “lots of time with the product guys” and “lots of evangelism” both “inside and outside the building”.

But the future is far more interesting.  Playlisting was the big blow-up of 2008, yet startups like Muxtape floundered amidst label lawsuits.  Holt, eyeing the opportunity and holding major label relationships, pointed to serious playlist upgrades ahead.  “The next thing that we’re launching is public playlists, which is the first time that playlists get their own pages,” Holt stated.  The playlist development map includes 100-song lists, as well as playlists that are search-enabled, feature drag-n-drop functionality, and stir a high level of collaboration.  “We really want to make it much, much easier for users to create and publish playlists, that is going to be the heart-and-soul of our business,” Holt envisioned.

The rest is big, blue-sky thinking, especially in the face of a tenuous business model.  “I’m focused on brand-building,” Holt stated.  “The brand – and brands we are creating – will help drive our business forward, and the effective CPM on an artist on MySpace is not going to be subject to the same rules.  Our revenue spread is going to be much broader than that,” Holt envisioned.

Report by publisher Paul Resnikoff in Los Angeles.