MySpace seals Sony Music deal

US users of social networking site can now post videos and music from Sony artists in their profiles.
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Social networking site MySpace has signed a licensing deal with Sony BMG Music Entertainment to allow the site's 70 million US users to post videos and music from Sony artists on their personal profiles.

The two firms will split revenue from advertising which will be placed inside videos, as well as other ads placed on Sony artist profile pages and sponsorships.

"MySpace has always been a promotional vehicle for labels and artists," said Amit Kapur, VP of business development for MySpace. "We see an opportunity to evolve the platform to involve richer content experiences."

The deal comes as record labels are searching for ways to increase revenue from websites which stream their videos for free.

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