MySpace is launching a number of new products, including a collection of music-videos, in a bid to strengthen its position in the social networking market.
The social network said MySpace Music Videos is likely to be one of the most biggest collections of online videos. MySpace CEO Owen Van Natta explained that they worked with the company's music label partners to gather fully licensed music videos.
And to give users better access to the video library, MySpace also unveiled a new Video Search Tab. The tab is designed to help users search for videos, songs and artist profiles.
MySpace's roster of new music products also includes an Artist Dashboard. The dashboard is designed to give bands and singers with MySpace profile analytics on who is listening to their music and how they're interacting with it.
"We think MySpace has the opportunity to be the next generation digital distributor of content," said Van Natta, who was an early executive at Facebook before leaving to join MySpace.
"MySpace is positioned uniquely to be the place where the socialisation of content occurs."
MySpace has been slipping in popularity as rival Facebook moved to the top of the social networking pile. Last December, Facebook drew almost twice as many worldwide visitors as MySpace. In June, Facebook surpassed MySpace in the US , which had been MySpace's stronghold.
The MySpace CEO also said he's optimistic about the company's ability to get back on its feet.
"We believe that we have all of the building blocks and we need to focus on execution," he said.
"If we do a great job at executing and building a great user experience... then we will realise this vision to be the place where you discover a huge amount of content through other people. If that is happening in music or other areas, like games, TV and films, it'll be easy to recognise success because you'll just know this is where a huge amount of that socialisation is happening."
See also: Facebook and Twitter overtake MySpace