MySpace has just launched its internally developed Primetime Application, a free video service that it hopes will keep users glued to their screens. How? Four words: Every. Video. On. Hulu. That’s right. MySpace users will now be able to view every single video from online video service Hulu on their MySpace homepages and profiles, plus MySpaceTV originals, and videos from more than 150 licensed content partners, including Warner Bros and Sony. The app embeds the video player on your homepage, profile or both pages. Here’s how it appears on a homepage:

Now you can watch Arrested Development and The Bob Newhart Show to your heart’s content without having to go to a different site or a new page. MySpace has also redesigned its Primetime community profile, where you can — surprise — also watch its entire video lineup, comment and discuss your favorite shows in the forums.

This app creates opportunities to monetize on over 152 million more pages per month through increased video watching on the network. Advertisers will be pleased, as it preserves the branding of partners within the video player using tickers and other ad forms, as well as the commercial breaks viewers are already familiar with. MySpace has already started helping third-party video content owners make money by matching ads to videos for a cut of the revenue.

The videos can be nicely expanded to full-screen and shared with friends. There’s an improved microsearch for all the videos on MySpace that can filter by category (film, TV, original, partner, etc) and an A-Z directory for the indecisive viewer who wants to casually browse (that would be me). Here’s a look at the player by itself. Get used to it, because it’s going to be everywhere on MySpace.