Although Facebook has beaten MySpace in terms of traffic and attention (both in the US and internationally), MySpace is still the social network of choice when it comes to bands and music.
Clearly, MySpace still resonates well when it comes to certain areas of interest; this advantage can be extended into other areas, and one important area MySpace is looking at is gaming. At the Fortune Brainstorm: TECH conference in Pasadena, California, News Corp's digital head Jonathan Miller said that "MySpace is and will be more in the future a gaming platform, a space for people to meet and play games."
This is smart thinking. As a general purpose social network, MySpace cannot compete with Facebook, and when it comes to video, it's hard to top what YouTube or (if we talk about exclusive, pro content) Hulu can offer. MySpace attracts a younger audience than Facebook (especially lately), and therefore gaming is the next logical choice for them.