Los Angeles - News Corp.'s (NYSE: NWS) MySpace on Tuesday announced its support for OpenID, an initiative that lets users of supported websites login to all of them using a single username and password. In addition, the company announced two new implementations of its Data Availability initiative, designed to allow MySpace users to automatically port content and data from their profiles to other social media sites. MySpace users will now be able to share profile content with their accounts on movie reviews community Flixter and local event listings service Eventful.

New York - Digital music service eMusic on Tuesday began introducing several new features that will pull relevant content from around the Web into its site, while allowing users to share eMusic content across social networks, bookmarking sites and blogs. Customers will now see content from YouTube, Flickr and Wikipedia on relevant album pages on the eMusic site, and will also be able to bookmark album pages and send them to 18 social media sites, including Facebook and Digg.

London - News Corp.'s (NYSE: NWS) Twentieth Century Fox Telecommunications International said on Tuesday that its primetime TV shows "24," "Bones" and "My Name is Earl" have been made available for purchase and download from Apple's iTunes Store in the U.K. Fox also plans to add episodes of "American Dad," "Prison Break," "Stacked," "It's Always Sunny in Philadelphia" and "The Riches" in the coming weeks."

Los Angeles - Paul Westerberg, frontman for the 80's alternative rock band, has made his latest solo album, "49," available for download from the Amazon MP3 and TuneCore stores for just 49 cents. "He finished it on Monday, sent it to me on Tuesday and it was out this weekend," Westerberg manager Darren Hill told Billboard.com. "It's just wonderful that you can actually do this. The freedom an artist can enjoy these days is fantastic. Can you imagine me pitching this idea to a label?"

Chicago - Video game publisher Midway Games announced on Tuesday that it will combine its Southern California development studios, merging the operations of its Moorpark (Los Angeles) facility into its San Diego facility. The company said the majority of the Moorpark employees, including the team developing "TNA Impact," are being offered the opportunity to transfer to San Diego.

Alviso, Calif. - Digital video recorder firm TiVo (NASD: TIVO) on Tuesday announced a partnership with online retailer Amazon.com (NASD: AMZN), which will allow TiVo owners to purchase physical products from Amazon on their TV sets, using their TiVo remote control.

Los Gatos, Calif. - Online DVD rental service Netflix (NASD: NFLX) is closing its Red Envelope Entertainment unit, which helped finance various feature and documentary productions, the Los Angeles Times reported.

Arlington, Va. - U.S. consumer electronics revenue is expected to reach $173 billion this year, $2 billion more than previous forecasts, according to new data from the Consumer Electronics Association (CEA).

London - U.K. broadcaster and broadband provider BSkyB announced on Tuesday that it has formed a joint venture with major label Universal Music Group, that will create an MP3 store and accompanying unlimited download subscription service for the U.K. and Ireland. Sky, in which News Corp. (NYSE: NWS) holds a 39% stake, said it is also in discussions with other major and independent record labels on adding their tracks to the service, for which Universal will provide "hundreds of thousands of songs."

The future of any technology can be defined by the economic opportunities it creates. One just look around Pittsburgh to see the explosion in the number of businesses built around advances in medical technology to see the importance of entrepreneurs focusing on new technology. The impact has been enormous. Which brings us to today. What are the opportunities in front of us to get excited about in the digital media field?

Milpitas, Calif. - Shares of SanDisk (NASD: SNDK) dropped 24% on Tuesday, a day after the maker of flash storage cards and MP3 players reported a second-quarter loss that sunk well below analyst expectations.

Los Angeles - BlueCollarOrDie, a spin-off comedy site of Will Ferrell-backed FunnyOrDie, has been shut down due to lack of Web traffic, according to The Hollywood Reporter.

San Francisco - ZVUE, an operator of entertainment sites and maker of portable media players, announced on Tuesday that it has restructured its agreements with Eric Bauman, whose eBaumsWorld.com site the company acquired for $52.5 million last year.

Los Angeles - MyToons.com, an online animation community featuring contributions from pro and amateur creators, announced on Tuesday that it has raised an undisclosed sum in its second round of funding, led by Syncom Venture Partners and Barshop Ventures.

New York - ContextWeb, the provider of a contextual online advertising exchange, announced on Tuesday that it has closed a $26 million fourth round of funding, led by Investor Growth Capital.