MySpace, currently in second place behind YouTube when it comes to video-sharing traffic, is reportedly stepping up its own bid to compete with Google's YouTube as it re-launches and renames its current video service under the name MySpaceTV, offering user-generated content as well as professional content from News Corp-owned NBC Universal and Fox.

"This is the tip of the iceberg," said Chris DeWolfe, CEO of MySpace. "The incredible video growth trajectory we're seeing is a testament to the unique content and high user engagement in all corners of the MySpace community. In the last year we've added nearly 20 million unique users in the U.S. alone and continue to see incredible growth around the world."
MySpaceTV will be the company's first spinoff accessible to those who don't have an account on the social networking site. However, only MySpace registered users will be able to create their own TV pages by uploading videos to the site. MySpace also announced a handful of deals with content partners including National Geographic, The New York Times, Reuters, Fox's IGN Entertainment, Animation Show and the Daily Reel.

Mirroring YouTube's recent moves, MySpaceTV too will have individual versions customized for 15 different countries and also plans to allow users to edit video clips online using Flektor technology, a company that News Corp. bought last month. Although YouTube is still by far the leading video sharing site, it is always good to have more alternatives on the market.