MySpace is following YouTube in trying to identify uploaded clips and then insert ads in them. It is starting with one media company first, MTV Networks (NYSE: VIA), and will likely add other media companies later. For now, when users upload clips of any MTVN shows including popular clips from The Daily Show or The Colbert Report, it will identify those clips automatically and insert ads, both video and overlays. The company is using technology from seven-year-old TV fingerprinting firm Auditude. Interestingly, Auditude‘s CEO is Adam Cahan, former EVP of strategy at MTVN…he joined the startup a year ago.

MySpace already uses similar ID technology from Audible Magic, but Auditude takes it a step further as ads can be inserted into the uploaded premium content. YouTube has a similar ID and ad insertion system called Video ID. For more on the MySpace-MTVN deal, read this story from the LAT.