Photobucket is the most popular photo sharing site

MySpace.com is the most popular online social networking service. YouTube is the web’s most popular video sharing service. The latest report from Hitwise has now confirmed that Photobucket is the internet’s No. 1 online photo-sharing site.

Photobucket is more popular than older services like Kodak Gallery, Shutterfly and Yahoo Photos. It has managed to defeat even Flickr which is now owned by Yahoo. Google is also a minor player in the market with their Picasa Web.

Hitwise said in their report that the service serves up 3 billion online images and videos daily for its 41 million members. And they are adding new users at a rate of 85,000 new members every day.

The popularity of online social networking services has boosted the popularity of sites like Photobucket which enables the users to share their personal photos.

Hitwise said that Photobucket’s share in the market is overwhelming at around 41%. Yahoo Photos and Flickr accounts for around 10.2% of the market.

Alex Welch, CEO and co-founder of Photobucket claims that they hope to make the service profitable by next year. They are also looking for a potential buyer and have hired investment bank Lehman Bros. to explore a sale.