Update: We're tuning into the press conference call as we speak, so standby for updates.
- MTV, Real and Verizon are launching a new integrated music service.
- MTV and Real are spinning off a new company called Rhapsody America, partnering with Verizon Wireless. V CAST as mobile platform.
- Rhapsody America will by run by Urge's Michael Bloom. Kicking off marketing at MTV Video Music awards September 9th.
- Verizon promises 8GB of phone music storage this year, and 16GB in 2008. Most likely refers to removable storage via (micro)SDHC, since they mentioned a current 4GB cap, and don't offer any 4GB phones.
- Not just songs, the service will also include ringtones, album covers, ringback tones and music videos.
- Urge is sticking around on Windows Media Player 11 until further notice, they're currently in talks with Microsoft.
- Over-the-air downloads likely to be "important part of the service going forward." Emphasis is on being able to access your music collection wherever.
- All of Real's DRM-free efforts (including the Universal DRM-free trial launch today) will be included in Rhapsody America. They think 2008 is when DRM-free will start to go mainstream.
- Will most likely support subscription and purchase models.
- No word on price or when the service is going to be available.
*Verizon is currently in the process of acquiring AOL, Engadget's parent company. However, Engadget maintains full editorial control, and Verizon will have to pry it from our cold, dead hands.