Whatever Nokia is planning to do, Sony (NYSE: SNE) Ericsson can do it, well, if not better, then something similar: it is planning to launch an unlimited music download service through its handsets, according to an FT report, citing sources. The handset maker is in talks with all major music labels about a rival subscription service to Nokia’s (NYSE: NOK) Comes With Music service slated to launch in the next month or so.. SNE plans to announce the product before the end of September, with a view to launching in Europe before Christmas, the story says.

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The world’s fifth-largest handset manufacturer is in a bit of dire straits, and has has issued two profit warnings this year…its European stronghold has been chipped away by Nokia and others. With is Walkman phones positioned as music phones, an unlimited music service only makes sense if others are in the game as well. The company already has a music service with its PlayNow Arena online music store, and launched an upgrade just last month. The new store, available in Nordic countries, has a million tracks from major music labels Sony BMG, Warner Music, and EMI, and all are DRM-free.

Even then, a music service won’t solve its revenue problem…as Sony Ericsson (NSDQ: ERIC) content boss Martin Blomkvist noted last month: “The way it is set up today, very few people, apart from the record industry, are getting rich on digital music. Generally speaking, the music today isn’t generating a boat load of cash for us.” Neither is an unlimited subscription music service….