MySpace TV a TV Killer? destination MySpace TV will launch tomorrow. This is probably the missing proprietary destination of the NBC/News Corp. “NewTube” effort, which includes distribution from Microsoft, AOL and Yahoo! video.

While Brad Stone’s article in the NY Times focuses on the competition between MySpace video and Google’s YouTube, old media vs. new, professional vs. amateur content, head vs. tail, etc., the bigger story is traditional TV vs. Internet video.

As the Internet becomes an all purpose content and entertainment source, it is drawing more users/viewers — especially younger audiences — away from traditional media. More viable and interesting online video destinations will accelerate that trend.

In addition, U.S. ad spending is only growing in one place — online. As video becomes a more viable online ad format, more brand advertisers will spend more of their budgets there. In the near term that doesn’t threaten TV ad spending but it certainly does in the medium-to-long term.

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