Veoh has launched a new service that uses peer-to-peer technology to distribute DVD-quality video that can be published on sites such as MySpace.

The privately owned internet-video service, which has been operating in beta mode for the last few months, aims to become a full television service that enables easy searching and publishing of video online. Veoh will use a peer-to-peer network to enable a quicker deliver of larger video files, setting it apart from its competitors.

The Veoh Player software produces a virtual television network that can distribute TV-quality video via broadband connections. Users can upload video or create their own channel. There’s even the opportunity to make money by sharing in advertising revenue or charging on a pay-per-view basis.

The service will track the number of views a video receives at sites such as YouTube and MySpace and can be broadcast on all popular operating systems and portable devices.

The company also recently announced its partnership with to create a branded entertainment channel. The channel will launch this month and appear on both Veoh’s site and, featuring news stories and footage from celebrity parties uploaded by editorial staff.