Online social networking giants Facebook and MySpace on Thursday announced their expansion plans at the Web 2.0 Summit in San Francisco. MySpace Chief Executive Chris DeWolfe said his company is looking to weather the current economic storm through an ad expansion programme and its own music site, and may even launch a music player to compete with the iPod, the Guardian reported Friday.

Facebook founder Mark Zuckerberg pointed out he does not care as much about profit rankings as his competitors do, and said his company will continue grow globally.

“The challenge that we have is to bring people along the whole path, first bring people along to Facebook, and make people comfortable with sharing information online,” he said, according to the Guardian.

Zuckerberg also said bringing Facebook to mobile is an important step for the future.

When asked if MySpace will make its own MP3 player to go along with its MySpace Music site, as Apple did with iTunes and the iPod, DeWolfe replied that “it's possible,” the Guardian reported.

DeWolfe also told the Guardian he believes the future of social networking won't look much different than it does today.