MySpace In Royalty Deal With SoundExchange

Los Angeles-based MySpace is in a deal with SoundExchange, which collects music royalties, to help deliver unclaimed royalties to artists, MySpace CEO Owen Van Natta said over the weekend at the MIDEM conference in Cannes. According to Van Natta, SoundExchange has placed $14M of unclaimed royalties in escrow, and will help the social networking site find the 25,000 artists owed those royalties. MySpace said the royalties are owed for streaming of music on the Internet and satellite radio.