MySpace Signs New Licensing Agreement With Sony BMG
October 16, 2007 at 7:22 AM (PT)
MYSPACE has signed a new licensing agreement with SONY BMG MUSIC ENTERTAINMENT to enable MYSPACE's 70 million U.S. monthly active users to experience streaming music videos, as well as select audio material and other content from SONY BMG's artists. The deal calls for MYSPACE and SONY BMG to share in sponsorship and advertising revenues.
"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 MYSPACE CEO/Co-Founder CHRIS DEWOLFE. "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."
Under the terms of the deal, SONY BMG will license music videos, select audio material and other content from its extensive artist roster, and will make the content available on its artists’ MYSPACE profile pages. 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 SONY BMG MUSIC ENTERTAINMENT Pres./Global Digital Business & U.S. Sales THOMAS HESSE. "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."