Hot on the heels of YouTube removing Japanese copyrighted material, MySpace.com has announced that they will be using proprietary DRM software Gracenote to block users uploading copyrighted music and audio content. This blocking of content would apply to copyrights held by majors and independent studios/musicians alike.

While the move to block such content may be a quick solution, it is far from complete, and more importantly, may reduce artists’ ability to profit from the platform, either financially or as a promotional tool. Many smaller bands, however, have their own MySpace site, which they can use to gain access to potential new listeners.

According to Reuters, News Corp, who now own MySpace, are planning to use the site to sell songs from approximately 3 million unsigned bands. Such a model would represent a viable platform for new bands to not only be discovered, but also provide the potential to create a new revenue stream.