MySpace claims to be drawing young people away from television and video games as they use its web pages to make friends and money.
A group of 18 to 24 year olds drawn from 1,000 people surveyed by Future Laboratory said it would rather spend 15 minutes visiting social networking sites than watching television, reading, playing video games or talking on mobile phones.
The MySpace-commissioned survey also found that women typically spent more time on social networking sites than men, and that the sites were increasingly being used for commercial purposes.
Some 12 per cent of users surveyed wanted to use MySpace to make money.
You can read the full story on the Financial Times website.
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