My music and Myspace T&C....

I'm surprised anyone using Myspace hasn't picked up on this before now. It seems that this little piece of information is cropping up more and more:

Is your music actually your own property after you put it on myspace?

You need to read the T&C on Myspace ....section 6: Proprietary Rights in Content on MySpace.com.

By displaying or publishing ("posting") any Content, messages, text, files, images, photos, video, sounds, profiles, works of authorship, or any other materials (collectively, "Content") on or through the Services, you hereby grant to MySpace.com, a non-exclusive, fully-paid and royalty-free, worldwide license (with the right to sublicense through unlimited levels of sublicensees) to use, copy, modify, adapt, translate, publicly perform, publicly display, store, reproduce, transmit, and distribute such Content on and through the Services. This license will terminate at the time you remove such Content from the Services

And it also looks have the right to keep and use any backup copies they make of your tracks.

It says at the bottom of the T&C:
I HAVE READ THIS AGREEMENT AND AGREE TO ALL OF THE PROVISIONS CONTAINED ABOVE.

There you are then. Can anyone explain that one?