As I pontificated last month, Google already has a big music store and it is called YouTube. Today Google (GOOG) formalized that idea with a new gateway at http://youtube.com/music.

If you want easier ways to discover music on YouTube, just start here. Our revamped music page — part of a redesign that started with our shows and movies pages — showcases the most viewed music videos, special promotions, curated playlists, unsigned talent and gives you the ability to create on-the-fly mixes. For example, in the mood for electronic beats? Just scroll down to that genre and click “play” for an instant playlist. Looking for the latest viral music sensation?

The site isn’t just for music discovery, it also will help users find live music events in their area or events and music that their friends like.  Sounds very social-friendly.

Here’s something that has been discovered a few million times over the past week:

[youtube=http://www.youtube.com/watch?v=MX0D4oZwCsA&w=600&h=370]