MySpace.com the Gen Y powerhouse site with over 47 MILLION users that offers classified ads, events, blogs, photos, (soon) a personal portal, and more, more, more… now offers free video hosting. (Following Google, You Tube, CurrentTV, etc. etc. etc..)

[News Corporation Chief Executive, Rupert Murdoch, (which bought MySpace last year)] said myspace, which has around 47 million users and is growing at an estimated 1m a week, would form the kernel of News Corp’s online activity, but added it would not necessarily develop in the same vein as Yahoo! or MSN, arguing that existing portals didn’t reach enough under-25-year-olds.

GROWING BY ONE MILLION USERS A WEEK. It’s just absolutely remarkable… Especially for a site that’s less than two years old to do this. It just shows what can happen when you give people the tools to connect and create their own content.