MySpace this week announced that instead of taking down copyright-infringed videos that its users upload, it would instead launch a new technology to take advantage of piracy, and profit.

Using technology from a company called Auditude, MySpace plans to serve up targeted ads for the videos. Currently, there are a handful of videos being served to MySpace from MTV Networks, and many of them are being uploaded by users without permission. When this happens, MySpace takes the videos offline and serves up a warning to the offending user.

YouTube began doing much of the same thing a while back. For the longest time, YouTube hosted many music videos and clips from other films — all copyrighted but without proper permission from studios. Then, YouTube implemented what it calls finger printing technology and today, most of the offending videos are no longer available.

MySpace said Auditude’s technology uses finger-printing technology too, to scan millions of videos and identify those that are copyrighted. MySpace representatives said that this will allow profitable ads to be served, instead of removing videos people already want to see.

Start uploading all those pirated videos!