Sony BMG has formed a new music licensing deal with MySpace allowing members of the popular social networking site to stream content -- including videos and certain songs -- in full. The major receives a share of advertising and sponsorship revenues in return, and MySpace will promote Sony BMG artists through banner ads and other avenues. Financial details of the deal were not disclosed.

The move marks yet another experiment with ad-supported revenue models for the music industry. MySpace is by far the largest and most influential outlet to-date, with 70 million members streaming millions of songs a day from artist's profiles.