In an effort to monetize the growing number of music videos on its site, MySpace
has just launched a new pilot advertising initiative that places
attractive overlays at the bottom of some clips, allowing users to buy
the song they’re listening to or immediately jump to the artist’s
homepage.
The new initiative stems from MySpace’s partnership with Auditude,
a content detection and management company that can identify
copyrighted content and serve relevant advertising, even on
user-submitted video. Now Auditude is applying the technology to music
videos, which in the past have largely relied on banner ads and static
text links to music stores for monetization.
On Wednesday the site, in a partnership with Warner Music Group, placed
an overlay ad on a video for My Chemical Romance’s cover of Desolation Row.
Users were presented with the option to buy the song either on Amazon,
or (in an interesting twist) on a vinyl disc. Over the 24 hours that
the ad ran it posted an impressive 1.2% click-through-rate
(significantly higher than rates seen on typical banner ads),
encouraging MySpace and Auditude to expand the program to more videos.
Today the site began displaying advertising on U2’s new single Get On Your Boots, with plans to expand the program more broadly in the near future.
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