magnifylogo.jpgOnline video sharing service Magnify.net is rolling out version 3.0 of its site today. With this iteration, the company is adding some new social media tools as well as professional video services in an attempt to turn the site into a full-scale online video network.

Magnify.net thinks it can take on a much larger site like YouTube by emphasizing its openness to the Internet community as a whole. While YouTube focuses on single videos throughout its network, Magnify.net encourages users to upload videos to its site as well as spread videos from other video-sharing sites around the web.

The most significance addition to Magnify.net’s 3.0 version is the new services for professional video creators. The site now has both ‘Pro’ and ‘Enterprise’ packages, which will allow for more customization than the standard free accounts do. For a fee ($5.95 per link), ‘Pro’ users will also be able to remove many of the standard links on the Magnify.net page — such as those showcasing more channels — for a cleaner-looking page.

More importantly, ‘Pro’ users will have the option to take 100 percent control of the advertising on their pages.

The ‘free’ default is a 50/50 ad share split between Magnify.net and the user. However, ‘Pro’ users willing to pay $24.95 a month can gain control of 100 percent of the advertisements for up to 5,000 pageviews. $84.95 buys control for 25,000 pageviews, and $159.95 takes that number up to 50,000 pageviews. Those taking advantage of these upgrades will be able to run their own ads or opt not to have any.

‘Enterprise’ users will have access to all the ‘free’ and ‘Pro’ services but can also have videos of unlimited length on their pages. More importantly, ‘Enterprise’ users will automatically have total control of all advertisements, including those displayed within their videos. Pricing for this ‘Enterprise’ option is not specified on the site.

magnifygraphic.jpgThe new social networking elements Magnify.net is launching are fairly standard. Users will be able to have profiles, friend one another as well as track and subscribe to each other’s activities on the site. YouTube has had all of these features for some time now. The addition of widgets from sites such as Twitter and Flickr should add to the community feel — but again, these integrations have become ubiquitous with social networks.

Magnify.net raised a $1 million round just last month. Investors included Next Stage Capital, New York Angels and Rose Tech Ventures among others (our coverage).

The New York-based company launched last year (our coverage).