MySpace has announced the launch of its data availability initiative in conjunction with Yahoo, eBay, Photobucket and Twitter. The project, which will allow people to use MySpace as a central data distribution point, is aimed at making the social network something of a hub for Web 2.0.

"The walls around the garden are coming down -- the implementation of data availability injects a new layer of social activity and creates a more dynamic Internet," said Chris DeWolfe, CEO and co-founder of MySpace. "We, alongside our data availability launch partners, are pioneering a new way for the global community to integrate their social experiences web-wide."

From a practical standpoint, the initiative will allow users to choose what information they want to share with partner sites and update any changes to that data instantly through a MySpace dashboard. For example, a MySpace member who joins Twitter will have the option of sharing all -- or parts of -- his profile information by clicking on a standard button.

According to DeWolfe, that standard button will be available to any third-party websites that wish to sign on, including Facebook.

"This is open to all websites, and we're happy to work with Facebook on this," DeWolfe said.

So will users be able to update their data instantaneously across the web through a click of a button at MySpace? That's the plan, and it seems to be off to a good start with an impressive list of partners. But a conference call with DeWolfe, MySpace COO Amit Kapur and the company's SVP of technology Jim Benedetto was notable as much for the names mentioned as those omitted.

Though DeWolfe said the MySpace initiative was coupled with its decision to join the DataPortability Workgroup, there was no mention of Google or Microsoft. However, Google, Plaxo and Facebook are members of the DataPortability Workgroup.

The announcement comes on the heels of a News Corp. earnings call that warned of a revenue shortfall at Fox Interactive Media (FIM), the umbrella company for MySpace, IGN and other properties. So far, MySpace and other FIM properties have had a tough time monetizing their pageviews.

The decision to push for increased data portability should help give MySpace and edge in terms of retaining users and providing better insights to advertisers. But the trick will be to make certain that third-party sites embrace the initiative. 

MySpace said it plans to start rolling out its data portability initiative in the next few weeks.