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MySpace is getting serious about monetization. I guess a recession will do that.

They have decided to try and monetize the increasing number of music videos on the popular social networking site.  MySpace has just launched a new advertising initiative that displays overlays across the bottom of various music clips, allowing you to buy the song you're listening to or immediately taking you to the musician’s website.

The effort is a result of MySpace’s partnership with Auditude, a content management firm that can identify copyrighted material and serve relevant ads, even on videos submitted by MySpace users.

Auditude is now applying the technology to music videos as well, which until now have depended largely upon banner ads and static text links to music stores for monetization.

On Wednesday, MySpace and Warner Music Group, added an overlay advertisement to the video for My Chemical Romance’s cover of Desolation Row. Users were given the option to either purchase the song on Amazon or, get this, buy it on vinyl.

The advertisement ran for a full 24 hours and managed a whopping 1.2 percent CTR (click-through-rate).  This is much higher than what is traditionally observed on banner ads.

Today, MySpace started showing ads over U2’s new single Get On Your Boots, with plans to expand the program ever more in the coming months.

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Technorati Tags: Advertising, Auditude, MySpace, Warner Music Group

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