My Space concedes defeat in the race to be the Social media No 1

MySpace have called off their persuit of Facebook.

In an interview in the FT this morning,Owen Van Natta,Cheif Executive of the social networking group told the paper that

the company instead aimed to become an online hub for music and entertainment. “Facebook is not our competition,” he said. “We’re very focused on a different space.”

The paper adds that

The company has struck a deal with Apple’s iTunes store to allow its users to buy tracks without having to leave the MySpace site. It has integrated iLike, a music application company, and launched Dashboard, an interactive tool for bands and musicians, as well as compiling the largest catalogue of music videos on the web.