Hulu and MySpace to Reshape Online Entertainment and Social Networking

Hulu is trying to change social networking by incorporating a new video service to one of the most popular social networking website, MySpace. Rupert Murdoch, a global media mogul and News Corp. chairman, intends to give MySpace a makeover by overhauling MySpace Video. By bringing in feature films, TV shows, and Music Videos into MySpace, Murdoch envisioned a massive draw on users towards the already popular site. Of course, on the internet, more visitors means more advertising, means more money.

Murdoch’s News Corp. owns MySpace and a large chunk of Hulu, which also boasts NBC Universal and Disney as its other stakeholders. With that in mind, this endeavor is very possible. MySpace already streams some of Hulu’s TV shows and a tiny number of full-length movies to users. But MySpace Video, as it is now, can’t come close to competing with the Web’s top video services, such as YouTube, Netflix’s Watch Now, or Crackle.

The next question for users is of course whether MySpace Video will offer downloads and subscriptions. Guess we’ll just have to wait and see.