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MySpace Launches Video Sharing Service

As mentioned by Rupert Murdoch last week, MySpace has jumped into the video sharing space and soft-launched it service, pretty much cloning functionalities of other video sites like YouTube, Grouper and others. Of course, MySpace has the huge advantage of its huge base of users.

The service allows user to upload their videos, which is encoded in Flash and streamed. Other functionalities like tagging, voting and video embedding into other sites/blogs are also there…

The service doesn’t seem to have any big-media content till now, but expect that to happen.

On a slight tangent, there were some rumors of YouTube being acquired, and others in the pipeline. Again, these video sharing sites are like RSS newsreaders…it is easy to build up one internally (or at least outsource the development easily), and it does not make a lot of sense to buy any of these now. It is too early in the game for any of them to have become a destination site, so the brand value is small.

Also as the economics of the business are tough: you are talking about a ton of storage. And then, the piracy issue, which hasn’t yet and hopefully won’t become a big issue. Anyway, MySpace’s launch should be an interesting launch to watch for, for sure.

Related: Citigroup Media Confab: MySpace To Launch Video Downloads, IM Service

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