MySpace announced Monday it would be bringing the popular social network to Microsoft's mobile platform and that the Silverlight technology will be opened up to MySpace developers.

A MySpace application will be coming out later this summer for Windows Mobile 6.1 and 6.5 devices like HTC's Touch Pro 2. The application will be preloaded on smartphones later this fall, and the companies said it ties together the mobile platform, Mobile Internet Explorer, and Silverlight to deliver a rich mobile experience. The app will have a streamlined interface that lets users send messages, upload photos, change status updates, and view videos on the go.

For MySpace, the mobile space will be the next frontier of its battle with rivals like Facebook. The company said it expects to have about half of its traffic come from mobile devices within the next five years. MySpace already has apps for Apple's iPhone 3G and Android, and the company's BlackBerry app recently broke download records.

The companies also said developers will be able to use Microsoft's Flash competitor, Silverlight, to create applications. It's unclear what Silverlight will be used for, as MySpace Video currently uses Adobe's Flash.

"Our relationship enables app developers to use Silverlight to create engaging MySpace apps and allows Windows Mobile users to have a more personal MySpace experience on their phone," Aber Whitcomb, CTO of MySpace, said in a statement.

The partnership shows Microsoft is hedging its bets in the social media sphere, as the company also invested $240 million in Facebook two years ago.

MySpace, Facebook, and other social networks can definitely be time wasters, but they also have the potential to be useful tools for enterprise collaboration. InformationWeek has published an in-depth report on the business uses of social networks. Download the report here (registration required).