Going by the numerous announcements made by MySpace chief executive Owen Van Natta at the Web 2.0 Summit event on Wednesday, the dwindling social networking site is practically on the verge of becoming a music and media powerhouse!

Making his first big public appearance ever since joining the News Corp-owned MySpace in April, Natta - an ex-Facebook executive - displayed a colossal directory of music videos and a much-improved set of tools for bands that use the site for marketing and promotion.

Along with the sync up of the MySpace Music service with Apple's iTunes, over and above Amazon MP3, the site also boasts music videos from all of its associate recording companies in the MySpace Music joint venture.

With the strategic joint venture taking effect Wednesday onwards, MySpace's music video service will blast into numerous profiles at rival Facebook; and also run MySpace-licensed music videos on the iLike music recommendation application, which it acquired for $20 million this month.

In addition, MySpace has allocated a dedicated MySpace Music Videos page for the videos, which will be featured more notably on artist pages and in search results on MySpace as well as on a Google music search service scheduled for a next-week launch.

Talking about the new music video product, Natta said that it "represents a jumping off point for how you should expect to see us start to add value to users in these content categories."