News Corp.’s MySpace and Sony BMG Music Entertainment have partnered to allow the streaming of musicvideos on the social networking website.

Sony BMG will license musicvids, select audio material and other content from its artist roster and will make the content available on its artists@MySpace profile pages.

MySpace and Sony BMG will share sponsorship and advertising revenues generated from the musicvideos and profile pages. MySpace will also work with Sony BMG to promote the music company’s artists throughout the site.

Sony BMG artists include Britney Spears, Beyonce, Bruce Springsteen and Justin Timberlake.

Financial terms of the deal were not disclosed.

While MySpace has been used as a promotional tool for millions of music acts, it has never been a revenue source for major music companies.

Chris DeWolfe, CEO and co-founder of MySpace, said streaming is part of the next generation of MySpace music services.

Besides content exclusives, MySpace has recently been the host of secret shows for Sony BMG bands such as Good Charlotte, Franz Ferdinand, Clipse, Tenacious D, Ray LaMontagne, Yung Joc and Slayer. Hey Play This! events have been held for Ben Folds and Velvet Revolver, and music content exclusives have featured acts such as Springsteen and Sean Kingston.

Last month, Warner Music Group and Lala.com experimented with selling music from James Blunt through his MySpace page.