MySpace is launching its own video-sharing service to fight back against the huge success of YouTube. 

The social networking website has renamed and relaunched its current video service under the name MySpaceTV, and will launch with individual versions tailored for 15 different countries.

Jeff Berman, general manager for video at MySpace, explained that internet users have driven explosive growth in the uploading and sharing of video.

"Video has become a bigger and bigger part of the way MySpace users consume culture," he said. "We want to make it easier and more appealing to use."

The dedicated video portal can be accessed by ordinary web users rather than requiring a MySpace account.

MySpaceTV will also feature some professional content, including programming from News Corporation's NBC Universal and Fox channels. 

MySpace currently sits in second place behind YouTube when it comes to video-sharing traffic.

MySpace has previously run a competition for budding movie makers with a first prize of a $1m film budget.