Second-tier social network Bebo and innovative fan-funding mechanic Slicethepie have got together to offer an attractive proposition for both Bebo users and bands using the Slicethepie service.

Slicethepie works by crowd-sourcing the A&R process, something that I strongly advocated in my series of posts on innovating digital music. People can invest in bands, and once a band has enough to make an album, any investors get a share of the revenues from selling that album, as well as a credit .

The partnership means that Bebo users will be able to review and rate content on the service, and will be paid a small fee for doing so. Bands that get financed via the Bebo showcase will gain a promotional package that Bebo claims is worth £50k, that’ll include an album launch party, promotion on the Bebo homepage, and exposure to major label A&Rs.

The first “Scout Room” on Bebo will go live this month, so if you’re in a band, it’s definitely worth a look. Just make sure you’ve got a strong presence on Bebo too. What does Bebo get out of it? More bands on a service that’s struggling to compete with Myspace, let alone Facebook’s dominance of the sector.