MySpace is going into the video production and distribution business. For the whole story – click here to go to Yahoo News or here at CNET for another story. Not surprising given that media mogul Rupert Murdoch owns the company that owns MySpace. What we find of interest – and you should too – are some of the quotes from the folks involved.

“The convergence of the TV business with new social media is creating huge possibilities to reach global audiences,” Travis Katz, MySpace managing director international, said at the MIPTV audiovisual trade show here.

“Sites like MySpace are pushing out the boundaries of what media can do,” Katz said.

Its (BEBO.com) wildly successful “KateModern” series attracts 300,000 views for each of the show’s weekly five episodes, while its new interactive online soap “Sophia’s Diary” has notched up 50 million views since it launched.

As soon as bandwidth availability issues are resolved, watching TV shows made for web audiences (webisodes) and broadcast shows sent out on web based channels will be part of our normal viewing habits. Just like cable TV created niche shows and satellite made for a greater number of choices of channels, web based TV will bring it’s own unique value. With the interactive nature of Web 2.0 we can talk back.

So what’s the big deal? If these people are pumping hundreds of millions of dollars into social networking sites (AOL purchased Bebo, a UK based site catering to 16-24 year olds with 42 million members worldwide for $ 850million dollars recently) there just might be something to it.

You don’t need to spend millions to take part, just embrace and accept the fact that this wave of the future is here – now!

Dean