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They'll do this using Auditude's platform that identifies copyrighted videos; if a user uploads a video from an MTV show such as Punk'd, Auditude will recognize it, slap some ads on it, and MySpace can split the profits with MTV. It seems like a big improvement, both common-sense wise and financially, over having to go through the drudgery of removing all these copyrighted videos.
It's not an entirely original idea: YouTube has essentially been doing the same thing for a while now. However, Auditude claims they can do better. Their Chief Executive Adam Cahan claims they've indexed over 1 billion minutes of professional content, which includes 250 million videos, which should be enough to identify virtually every copyrighted video out there.