MySpace is now helping to pay many artists millions of dollars in “lost” royalties for songs and performances. The company had signed a ground-breaking deal with performance rights group SoundExchange to track down some 25,000 major, independent and unsigned artists owed more than 14 million dollars in unpaid royalties.

MySpace will be used as platform to put the artists in touch with SoundExchange. This opens up a new and effective way of contacting artists who are registered with MySpace but not with SoundExchange.

“It can be a challenge notifying and convincing artists to register with SoundExchange because they don’t know they’re entitled to these royalties, or believe it’s too good to be true,” said SoundExchange senior executive Bryan Calhoun.

MySpace has been going to compete with Facebook, to become the most popular spcial networking space, has also launched the career of many musicians, including that of British-born sensation Lily Allen.