Myspace, Sony hook up for streaming music deal

New York (NY) - News Corp has signed a deal with Sony to bring Sony BMG music to Myspace in the social networking site’s first major licensing agreement.

Under the partnership, News Corp will give Sony a share of all advertising revenue. In return, Sony BMG music will become fair game for every Myspace user. Account owners will be able to post Sony BMG music videos and music on their profile pages.

Universal Music filed a lawsuit against News Corp over copyright infringement for the same issue.

Myspace is also used as a hotbed for up-and-coming artists, as well as established musicians to show off their musical talent. Users can embed streaming players directly to the front of their profile page.

Sony’s music division is in turmoil right now, as it redevelops its entire strategy. Earlier this year the entertainment giant axed its proprietary ATRAC music format and announced it will be closing down its Connect music store next year.

Exact financial terms of the Myspace/Sony deal were not disclosed.