Seems there are plans to ‘reshape MySpace’ into an entertainment hub by introducing a video service with help from Hulu. CNET News says News Corp. Chairman Rupert Murdoch intends to overhaul MySpace Video by bringing in a larger number of feature films, TV shows, and music videos.

No one expects it to happen quickly, however. Greg Sandoval of CNET News says the site is a mess. “Content is displayed on a jumbled web page and links to the few long-form films and shows are mixed in with the much more plentiful short clips and trailers,” says Sandoval.

MySpace is the second largest social networking site according to TopTenReviews. It is used by artists, entertainers and celebrities for online promotion and interaction with their fans. Others use it like they do the number one social networking site facebook.

Industry analysts are already thinking the move to populate it with videos means MySpace may be looking to compete with YouTube. It will be an interesting match up if it happens.