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MySpace to launch new YouTube rival site

MySpace is the most popular social networking site in the world, although most of its users come from the USA

MySpace is about to launch a full-frontal assault on the online video market by relaunching its own video streaming service and giving it its own domain: . It's a move that will be seen as a direct effort to steal some of YouTube 's market share.

The new video-sharing site will work in a very similar way to YouTube. You'll be able to upload and share any video you like, even if you're not a member of MySpace itself.

MySpace will also update its main social networking site so that users will have new ways to use the MySpace TV videos on their profile pages. The site is owned by Rupert Murdoch's News Corporation .

Currently, YouTube services up around twice as many videos as MySpace does, although in America itself the difference between the two is very small.

YouTube rival

"No one has really pointed out that MySpace has been focused on video and has quietly come within striking distance of YouTube," said Chris DeWolf, one of MySpace's founders.

MySpace executives have admitted in the past that their current video set-up is fairly basic, and that is presumably why they are launching MySpace TV tomorrow.