MySpace Battles Facebook Buzz to Stay on Top

Facing competition for buzz and advertising from much smaller but much-hyped Facebook, MySpace has big plans for expansion. The free-form social networking site's founders want to transform it into a one-stop portal where users can check email and get news. The site is also unveiling new services, expanding overseas, and planning to allow multiple profiles, reports USA Today.

MySpace recently added services such as free Skype calling and a program musicians can use to sell videos. It's also planning a channel with a maker of multiplayer games for 2008. MySpace commands 58% of social networking advertising and 110 million users, but Facebook is growing fast, increasing its member base sixfold to 59 million in a little over a year. (More MySpace stories.)