A brief update on MySpace's "Hulu For Music" plan: Warner Music Group (WMG) has more or less confirmed that they're interested in the proposed project, which would create a standalone music site co-owned by News Corp.'s social network and the big labels.

In an interview with the Washington Post, WMG digital boss Michael Nash doesn't come right out and say that. But he comes awfully close while discussing Warner's deal with free music site iMeem:

"Imeem's model is a template for how we want to build our business in social media and online communities," he said, adding that it is "fair to assume" that Warner is in discussions to make its content available on other big social networks as well. Others have reported that MySpace is working on it's own music service.

So what will it take to make this happen? Money, of course. WMG and the other labels are said to be seeking more than just an equity stake in Newco -- they're also looking for upfront money. That will be particularly important for Universal Music Group, which is still suing MySpace for copyright infringement.