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SonyBMG's MySpace Deal

NEW YORK (CelebrityAccess MediaWire) — SonyBMG has pacted with popular social networking site MySpace to allow streaming music videos, audio material and other content, it was announced yesterday.

The deal stipulates that both firms will share in the sponsorship and advertising revenue generated by the arrangement.

"MySpace has always served as a powerful promotional platform for music and we're pleased to work with SONY BMG to take it to the next level," said Chris DeWolfe, CEO and co-founder of MySpace. "We look forward to working with SONY BMG and the rest of the music industry to enable people to share their love of music with one another through the next generation of MySpace music services."

MySpace has striven in recent years to become a go-to site for information on the latest bands. It has become almost de rigeur for bands to have MySpace pages now, and the site boasting more than 7 million artist pages. The website also features artists and albums within a dedicated music area and has sponsored "Secret Shows" for a number of bands, including Good Charlotte, Franz Ferdinand, Clipse, Tenacious D, Ray LaMontagne, Yung Joc, and Slayer.

The financial details of the agreement were not specified. – CelebrityAccess Staff Writers