In what is seen as Owen Van Natta's first major change to MySpace's layout since he took over as the CEO of the News Corp. owned Social Networking website in April this year, it has been announced that the popular portal will be joining hands with music and recording companies to launch a music video service that will be a part of millions of user profiles across MySpace, and arch-rival Facebook as well.

The announcement came when the new CEO took center-stage at the Web 2.0 Summit on Wednesday. With the latest venture, the former Facebook Executive hopes to turn the ever-growing networking sites into an equally popular music and media powerhouse. Displayed by Natta, at his first ever major public appearance since joining MySpace, was a huge music catalog which came from all MySpace Joint Music venture's partners.

While music videos have been a part of MySpace profiles forever, the new service will enable MySpace-branded videos to be played inside iLike applications which are embedded on all major social networking portals, and MySpace's competitors. "We're giving people things like geographic breakdowns, where exactly their friends are not just in the U.S. but in the world", Van Natta explained. "This is literally getting pushed live as I'm sitting here talking to you".

iLike currently has an estimated registered user base of 55 million, and witnesses 9 million visit a month. In addition, MySpace is also set to launch the 'Artist Dashboard' which will enable artists to see how many fans are playing their music, liking it, and interacting with their profiles and blogs. Natta, who is very excited about the new development, says "(the new service) represents a jumping off point for how you should expect to see us start to add value to users in these content categories".