OK, maybe gloria is overstating things a bit. But a few days ago, The Hollywood Reporter ran a report by Diane Mermigas that outlined plans for the coming hyper-commodification of MySpace.

Fox Interactive Media is in the midst of a massive push to harness the power of MySpace and its other Web-based businesses to redefine online advertising and marketing, e-commerce, digital video-on-demand, blogging, instant messaging, classified advertising and other interactive services in a user-friendly way that is poised to add hundreds of millions of dollars to News Corp.’s revenue base by the end of next year.

“It’s so not about social networking anymore. It’s about what is next,” [FIM president Ross] Levinsohn said in an interview at the FIM think tank located near the 20th Century Fox studio lot.

What’s next for FIM is leveraging MySpace’s online community and communication into a peer recommendations framework for leads on everything and anything: the best children’s playgrounds in Los Angeles to the best concert seats in Madison Square Garden to the best steakhouse in Dallas. Such peer recommendations provide a gentle [segue] into targeted, fine-tuned behavioral marketing for national and local advertisers wanting to reach MySpace’s 15- to 34-year-old core user.

As Jeff Spiccoli might say, it’s no longer MySpace or YourSpace, Mr. Hand. It’s OurSpace, and we’re sharing it with marketers who will data-mine our self-expression to see what we’re most apt to buy. Read it and weep here.