While Epic Records is busy raising cash at karaoke bars, parent company SonyBMG has entered into a licensing agreement with MySpace that will allow the social-networking giant to stream videos and songs by SonyBMG artists. The two companies will share the advertising revenues, which is one of the record company’s new schemes as they continue to struggle with decreased CD sales, illegal downloading and defecting artists. While everything the labels do at this point (including suing single moms) just seems like delaying the inevitable, linking up with MySpace seems like a decent idea. Making friends with the Web site probably beats making enemies, which Universal Music Group did last year after they sued MySpace for copyright infringement.