MySpace CEO Van Natta sees his social networking site as a place for users to access and share commercial content such as music and movies.  To get there, he plans a revamp that dials down user generated content, eliminates sections such as the classifieds, and cleans up the overall look of the site.

Once the social media trailblazer, MySpace continues to shrink even as competitors such as Facebook thrive.  Data firm comScore shows MySpace reached approximately 68 million users in September compared to 96 million for Facebook.

Speaking to Adweek, Natta says MySpace will eventually become a next-generation content distribution platform.   Adweek sees recent changes to the site’s Music channel, such as the music video hub, as early indications of where Natta is taking MySpace.

Read more at Adweek {link no longer active}.