Via PaidContent.org, we have news from the UK’s Times Online that MSN is launching a video sharing site this summer.

• “The Microsoft site will launch this summer as the world’s largest software developer moves to increase the reach of its MSN portal by tapping the explosive growth of social networking sites such as MySpace.com.
• It will target users ranging from amateur documentary makers to aspiring pop stars and will earn revenues through advertising. Microsoft, which recently offered clips of World Cup coverage, is also planning to offer more conventional video content in areas such as comedy and extreme sports.
• Details of the new service, which will be rolled out simultaneously in several territories, are yet to be finalised. However, a Microsoft executive told Times Online that the company is planning to launch a viral advertising campaign to publicise it “imminently”.

Will it compete with YouTube? “If we did YouTube, we would be in a lot of trouble,” said Bill Gates a month ago. “First is whether there is any business model, and then whether they have the rights.”