TechCrunch reported this morning that Myspace will acquire the popular music social networking site iLike. The deal is expected to be closed later this week for approximately $20 million. The interesting twist is that iLike, with over 50 million reported users, is the top music sharing service on many other social networking sites including Facebook.

Amidst all the hullabaloo on social networks over the last few weeks I was pleasantly surprised to see a small nugget of good news for the music industry tucked into the social media feeds.

It turns out Myspace can now search its online video database for copyrighted material through an automated detection system from Auditude. What's amazing is how they are translating this service to ad revenue for recording artists and their labels.