MySpace and YouTube to go head to head

News Corp. chief operating officer Peter Chernin told investors at an industry conference Tuesday that the media giant was considering creating a video component to its MySpace social-networking Web site that could rival the wildly popular YouTube.

“If you look at virtually any Web 2.0 application, whether its YouTube, whether it’s Flicker, whether it’s Photobucket or any of the next-generation Web applications, almost all of them are really driven off the back of MySpace,” Chernin said at the conference. “There’s no reason why we can’t build a parallel business.”

Source: MultiChannel