According to one MySpace insider, MySpace is planning on launching an HD video service later this fall. Unfortunately, I haven’t been able to find a confirming source due to my lack of contacts at the tight lipped company that until recently had little presence even in the bay area. According to my source, Myspace will be launching an HD video service that will be in the range of 480 to 720 instead of the maximum 1080 currently offered via HD video.

If this turns out to be true (which I have a feeling it will given the inside contact), it further supports the idea that MySpace is indeed focused on being a media company rather than simply a social network. Not surprising though given that it is owned by Rupert Murdoch. The one thing that does strike me as odd is the fact that rather than utilizing the H.264 codec that Erick Schonfeld highlighted this weekend, they will be utilizing an alternative technology. Perhaps this is the key point of the story.

While I wish I could provide more details on the subject, I have spent the past 4 days trying to contact people and have not been able to get a good lead yet except for my one source. Maybe Rafat Ali has some better contacts (as he did on my iTunes post) that can provide the full story. One thing that I am pretty confident about is that MySpace is not launching their full platform this week. Instead they are launching a beta program with 10 companies.

I now have spoken with four sources, each of whom have said that the MySpace platform will be launching in the first quarter of next year. The upcoming launch will be a beta program that enables users to install a few widgets to their profile. While it is a step in the right direction, it is not yet the Facebook equivalent.