MySpace, one of the pioneers of social networking, has launched a redesign of its Web site as it seeks to gain a bigger following from Generation Y users. The Web site, which was bought by Rupert Murdoch of News Corp in 2005, is looking to better compete against Facebook.

In a statement, Mike Jones, Chief Executive of MySpace, said that the new Web site aims to "redefine the company as a social entertainment destination for Gen Y... This marks the beginning of an exciting turning point for Myspace."

"Our new strategy expands on Myspace's existing strengths -- a deep understanding of social, a wealth of entertainment content and the ability to surface emerging cultural trends in real-time through our users," Jones said.

The company said that the redesign was aimed at "creating a rich, highly personalized experience for people to discover content and connect with other fans who share similar interests... The entertainment experience will span music, celebrities, movies, television and games and will be available through multiple platforms, including online, mobile devices and offline events."

Jones adds, "This is the just the first step, and there will be many more features, programs and improvements to come."

Myspace has more than 100 million users around the world. Since losing out to Facebook in terms of membership, the Web site has marketed itself as a music platform for artists and fans. The Web site is set to launch a mobile version and an application for the iPhone and Google Android handsets.