In yet another move to appeal to the younger demos and generate revenue, MySpaceTV is set to debut on Sunday the one-time ABC TV show, ‘Quarterlife’, as 36 eight-minute episodes, according to MediaPost.com.

 Gavin O’Malley writes that Marshall Herskovitz and Edward Zwick, the creators of “My So-Called Life” and “thirtysomething,” produced the series exclusively for MySpaceTV.  Sunday’s debut includes sponsorship by Toyota and sets the stage for MySpace and other social networking sites to build a business model that taps into the millions of users posting comments, photos and talking to their friends.   Once a sponsor-free environment, MySpace is hoping that the increased number of users watching online video will lead to more eyeballs and more satisfied advertisers who yet to remain convinced that there’s a responsive audience.

Last month, comScore, a major monitor of online usage, reported that 75 percent of all U.S. online users watched at least three hours of video a month.  Google’s YouTube, Yahoo! and Fox Interactive Media (MySpaceTV’s owners) led the pack.  Perhaps traditional network and cable TV can take notes and begin to roll out some of their own web-based original programming. If comScore’s stats on online video watching continue trending in the same direction, then both the networks and advertisers must rethink their models if they’re going to keep in synch with where the eyeballs are.