After a colossal deal earlier this year, the “Powered by Google” sign is up on the MySpace search box.

The US$900 million agreement, signed in August this year, goes beyond search box labeling rights. The partnership will see Google become the exclusive search engine and search advertising provider for MySpace over the next few years.

MySpace users can see the Google powered search box across personal home pages, admin pages and the core website. Sure to follow shortly will be the sponsored advertising which makes up the second part of the deal.

With the wealth of information available across the MySpace network, expect to see Google testing out its arsenal of new richer media sponsored advertising with stronger personalization than ever.

Under the terms of the deal Google is required to make guaranteed minimum revenue share payments $900 million to Fox Interactive (MySpace’s parent company) over the 3 year term.

For AdWords’ advertisers, here’s your chance to tap into the MySpace demographic through your contextual campaigns. And for Google’s sake, let’s hope your campaigns work, because they’ll need the revenue to satisfy that sort of liability.