• by Gavin O'Malley  @mp_gavin, April 14, 2009

Startup Web video analytics firm Visible Measures on Tuesday announced an agreement with MySpace to become the social network's video measurement platform of record.

As a result, "Our ad sales teams can quantitatively demonstrate the effectiveness of video campaigns," said Jason Kirk, vice president of video and entertainment at MySpace. "It is critical to know how our audience is consuming our video content."

Indeed, while MySpace is far from the top video portal online, an ever greater share of its members are seeking out and consuming video content. In February alone, 41.2 million viewers watched 384 million videos on MySpace.com, according to comScore Video Metrix data.

The scope of the agreement covers the use of Visible Measures technology across the MySpace platform, benefiting MySpace staff, content providers and brand advertiser clients and their agencies.

Additionally, Visible Measures and MySpace have agreed to collaborate on co-marketing, promotional and business development activities designed to communicate the effectiveness of digital video as an advertising medium.

Formed in 2005, the company's current product portfolio includes VisibleCampaign -- a service powered by its Viral Reach Database, a constantly updated repository that tracks video performance over 80 million unique videos across 150 of the Web's most popular video-sharing sites. This ostensibly enables it to report on campaign reach metrics no matter where the campaign goes or how the online community responds.

VisibleCampaign also provides measurements to show how audiences engage with video-based campaigns, so advertisers and their agencies can see both how many times a particular ad is viewed, and whether or not the central brand message is being delivered.

The company's other core product, VisibleSuite, gives video publishers and aggregators insights into Web video audience behavior.

The company, which officially launched January 2008, also recently announced a series of joint research projects with market research firm Dynamic Logic.

Last month, Visible Measures secured a Series C round of financing of $10 million, led by new investor Northgate Capital with participation from existing investors General Catalyst Partners and MDV-Mohr Davidow Ventures. The company intends to use this new financing to accelerate its product development efforts, expand its customer relationships, and sustain expansion of its online video data coverage.

To date, Visible Measures has raised over $29 million in total financing. This latest round is expected to help the company continue to build out it technological infrastructure, further bolstering its market position.