If you look at last 1 year traffic data, back in Dec 2006 - Jan 2007 Orkut traffic was quite close to MySpace but now again its falling back. And now MySpace is taking on to YouTube.
MySpace launched its Video Sharing website in its Beta mode last Thursday, MySpaceTv.com. MySpaceTV in beta, will be an integrated component of the company’s worldwide community and content platform, continues the evolution of the company’s video offering by aggregating the best elements of video and empowers MySpace users to view, create, and share videos in new ways throughout the community. MySpaceTV will serve as the community’s primary video channel and as a stand-alone user destination.
MySpaceTV is localized in 15 international territories and is immediately available in seven different languages across the UK, Japan, Australia, France, Germany, Ireland, Italy, Spain, Mexico, Canada, Netherlands, New Zealand, Latin America, Sweden, and Austria.
MySpace has already announced deals with different content partners including FOX, National Geographic Channel, New York Times, Reuters, Octane TV and more.
I would love to see the competition now between MySpaceTV and YouTube. That would be fun to watch. I haven't spend much time on the website but would update my review once I get my hands on it during this weekend.