Beverly Hills (CA) – MySpace could soon lift the ban on member to member commerce, if it can get a cut of the profits. The number one social networking site currently prohibits any commercial messages or advertising on member profile pages because it could interfere with regular corporate advertising.

Media tycoon Rupert Murdoch purchase MySpace for $580 million two years ago and wants to increase the site’s profit by twenty-fold. In the fiscal year ending June 30th, MySpace made $10 million in profit and Murdoch is aiming for $200 million for next year.

Currently MySpace has corporate advertising agreements with mostly media companies like movie and record labels, but that mix will obviously have to be expanded if Murdoch wants to hit his lofty profit goals. According to the Los Angeles Times, MySpace could allow limited sales, if members agree to hand over a percentage of the profits.

Read more … Los Angeles Times.