Although MySpace was like so yesterday, perhaps jumping into bed with sister site Hulu will bring some sparkle back into the aging social network's dulling shine. CNET is reporting that Rupert Murdoch, chairman of media conglomerate News Corp.--which owns MySpace and a "large chunk" of Hulu--plans to overhaul MySpace Video by tossing in more feature films, TV shows, and music videos via Hulu.
CNET cites a source close to the situation, claiming that MySpace's intention is to do a much better job of monetizing the video section of the social networking site. There are also plans to give the video section a shiny new facelift, more exposure, and a sexy new re-branding to catch the eye of advertisers. But will revamping the video section attract users back to MySpace? With Facebook taking the reigns of the new social network generation, MySpace is looking to reclaim the throne by providing media not found on Facebook.
Currently MySpace already streams some content from Hulu including TV shows and a few full-featured movies. Based on comments made last week by Murdoch and Jeff Zuker, CEO of NBC Universal, it may be possible that pay-per-view and subscription-based services will come to Hulu and possibly through MySpace as well if the video-based website will eventually play a larger part in the revamped video section.
Ultimately, by combining both MySpace and Hulu into one intertwined entity, NBC Universal is better positioned to tackle other video-based websites and subscription services including YouTube, Netflix, and Crackle.