MySpace is beginning to face competition from social-networking sites that focus content and services on the preferences of Hispanics.

Competitors such as LatinosConnected want to attract MySpace Latinos by offering them a more familiar experience, AdWeek reports. Founder Veronica Alvarez even participates in online forums, encouraging bilingual members to try out LatinosConnected.

"MySpace is a great community…but it doesn't have the look and elements that make it feel like a Latino brand. I'm trying to send the message that (LatinosConnected) is a community for Latinos by Latinos," explains Alvarez. The site, which launched last month, has already signed up Verizon and the U.S. Army as advertisers.

One in four teens in the U.S. is of Hispanic descent - and that population is expected to grow 62 percent by 2020, compared with 10 percent growth in the number of teens overall - according to the University of Georgia Selig Center for Economic Growth.