MySpace could be ready to take on the iPod, according to co-founder and chief executive Chris DeWolfe.

Speaking at the Web 2.0 summit in San Francisco, DeWolfe confirmed that the Rupert Murdoch-owned social network are considering releasing a media player device.

"It's possible," said DeWolfe after being asked about such a device by conference host John Battelle. "Right now we're just focusing on a service."

MySpace Music

That service is growing thanks to a major music venture with music labels called MySpace Music which launched in September, and allows revenues to be generated from one of the hotbeds of internet music.

"We wanted to come up with a program that meets the needs of music companies and artists, by definition, and users," DeWolfe added.

"If anything, we'll be accretive to iPod sales" as people use MySpace Music to download more music and videos for their iPods.

"Unless we develop a device."

A MySpace device would have no guarantee of success, especially in a market that is entirely dominated by Apple's iPod.

However, the social network is already seen as one of the most exciting place for up and coming bands and those hoping to wrest a record deal from the major labels, which will certainly help matters.