The road towards establishing a .music Internet domain name took a significant step forward with ICANN-the international body governing Internet registries-approving the a program to dramatically expand the types of domain names available.
The most recent move essentially means ICANN will begin accepting applications for new domain names, expanding from the 22 accepted domains today (think .com, .net, .biz, etc) to potentially hundreds more. The applications will be taken starting Jan. 12 through April 12 of next year, with accepted domains going online in late 2013.
Entrepreneur Constantine Roussos has long championed the establishment of a .music domain name, which could be used to establish official web domains for both artists and labels alike (think Rihanna.music) which could be used to differentiate the "official" sites from all the others. Read Roussos' explanation of the benefits here.
Elements of the music industry support the idea of the .music domain name in principal, but are concerned about how it might be administered. Specifically, a group of music organizations that include the RIAA, A2IM, ASCAP and many others want guarantees that they would have the ability to approve who is awarded .music designations so "bad actors" could be excluded.
These and likely other concerns will all be addressed in the two years it will take to establish the .music domain.