MySpace.com, the biggest social-networking site, has signed a content licensing agreement with Sony BMG.

Thanks to this partnership, MySpace.com will be able to offer to its users streaming music videos, as well as select audio material and other content, from Sony BMG's artists

“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 and Sony BMG will share in sponsorship and advertising revenues generated from the music videos and profile pages. Additionally, MySpace will work with Sony BMG to promote the music company's artists throughout the site.

"We are happy to be working with MySpace as we continue to develop new approaches to doing business online," commented Thomas Hesse, President, Global Digital Business & U.S. Sales, Sony BMG. "This new effort is a great way to build new audiences for our artists, bring value to fans, and offer exciting new opportunities to advertisers. We look forward to working closely with MySpace as we roll out this ambitious new project."

For Sony BMG, the second largest music label in the world, the deal with MySpace could be benefic as the company is looking new ways to distribute its content, beside Apple’s owned iTunes.

Last year Myspace.com has signed a deal with Snocap. Snocap has become the provider of digital music retail tools for MySpace, marking the first music e-commerce deal for both companies. The Snocap services enabled artists and labels with registered content to set pricing, create stores, and sell their music in MP3 format. But last week, Snocap announced decided to lay off 60 percent of its workforce and confirmed is pursuing a sale.

In the last months, MySpace.com has invested a lot of effort and money in order to avoid lawsuits from music labels.

Last year, Universal Music Group filed a lawsuit, claiming MySpace illegally encouraged its users to share music and videos on the site without permission.

In May this year MySpace unveiled Take Down Stay Down, a tool which prevents video piracy. According to MySpace, when a content owner informs that a video clip is infringing it copyright, thanks Take Down Stay Down technology, the content its not only removed, but also a digital fingerprint of the video content is created. The fingerprint is added to the copyright filter and if any user tries to upload the same content that has been removed, the filter will recognize the digital fingerprint and block the content from being uploaded.