Working with longtime partner RipCode, MySpace's beta mobile video initiative uses RipCode's real-time technology, On-Demand Video Transcoding. The technology enables MySpace to support several handsets even if they require different combinations of codes, bit rates and resolutions. That means that users no longer have to store the entire MySpace video library in multiple mobile formats, the company said.

"As the volume of video grows and the number of mobile devices supporting video continues to expand, companies have to find alternative solutions to deliver content to their customers across multiple screens," wrote RipCode CEO Brendon Mills on the company's blog.

The free service will be subsidized by advertising, a pretty sweet deal, as MySpace currently gets approximately 3 billion worldwide page views per month from more than 10 million monthly unique users. That number is sure to climb with the new video streaming service.

Or, as John Faith, vice president and general manager of Mobile for MySpace, put it, "Video is a natural next step for us in mobile. MySpace will continue to grow our video library as we increase delivery channels in order to keep pace with our users' accelerating desire for video consumption."

As far as incurring other costs associated with the video streaming service, MySpace offers the caveat that since accessing and viewing video from mobile devices is a data-intensive service, MySpace mobile users should consult their mobile data plan to "avoid excessive fees."