Mike Lang, executive vice president of business development and strategy at Fox Networks Group, said he’s not that worried about YouTube. While participating on the Internet panel at today’s Silicon Valley Summit, he noted that a lot of YouTube’s traffic originates from MySpace. He added that it’s content that drives interest in online video and Fox is in a good position when it comes to professionally produced content.

Lang said that the advertising community has fully embraced MySpace, Yet, he noted that the advertising for online video is “still an open issue” and it’s not been determined “what the advertising model is going to look like.”

In trying to explain why MySpace succeeded where so many others failed, Lang attributed its success to the management team’s dedication and its maniacal focus on what its customers want. He said that’s allowed the site to grow beyond its core demographic to become the largest social network by far.

Mike Lang at The Deal's Silicon Valley Summit

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Brian Ward

Tags: svsummit06, svsummit, m&a, myspace, youtube,vc, venture+capital