In the ongoing battle of video players…

NewTeeVee reports today that Magnify.net, the site where users create their own channels of video on the web, is going to deemphasize the use of video on its site and focus on a white label social network platform like ning.com.

Magnify.net, a provider of customizable video channels, is moving to become more like white-label social network providers like Ning and KickApps. Tonight the company relaunched its website to de-emphasize video, and opened up access to its new ad-share platform.

Magnify provides hosting and community tools for niche video communities — for instance radio-controlled planes, Sri Lankan videos, and trading cards. The sites are not particularly pretty, but they’re free. Previously, the company had controlled its ad inventory, allowing channel owners to submit their AdSense accounts and split Google ad revenue 50-50.

Following what Magnify CEO Steve Rosenbaum called a “user revolt” last month, sparked by a blog post demanding that members be able to choose how to monetize their platforms, the company revised its revenue strategy.

Now, the company has shifted the arrangement so it maintains control and revenue of only half the inventory on a channel, while offering channel owners the freedom to monetize the rest and keep whatever they make on the other half.

Ning and KickApps have been raising money and making profit. Magnify hasn’t been as successful as other players/social networking site, so it’s time for a change. Hopefully Magnify won’t get caught in the coming video crash. Hide your wallets!

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