Bands with MySpace profiles aren't losing anything by putting themselves up on there. It's free promotion, tracks aren't made available for download, and should a band's track get thrown onto a compilation album or CD, they've made arrangements to where they'll get a cut.
It's not the horror story everyone's making it out to be. TONS of established bands and record labels are on there, and that wouldn't be the case if MySpace were to take full control of the bands music, merely by setting up an account, especially given the unofficial band profiles, hosting music and pictures, without consent no less. Those people aren't held responsible.
myspace are now about to start making the most of this clause in the agreement
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