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 Loopt, a location aware social network has changed its economic model. According to Venture Beat, the cost of accessing GPS data has been very prohibitive and a problem in selling the application to carriers.

To solve this problem, Loopt has reached deals with Qualcomm and SiRF for unlimited dips of GPS data for a flat fee. This was announced at MobileBeat 2008 today.

For consumers this is good news as it’ll mean that carriers and handset makers will buy the application from Loopt as it’ll be much more affordable.

Also, according to Venture Beat’s sources, Loopt is working on a location-based ad network. And now that there is no cost restriction on the data that Loopt can pull from Qualcomm and SiRF, it could surely be a success.