Social video hosting and sharing site Magnify.net is launching an iPhone app to let users submit videos to a Magnify video channel from their 3GS. iPhone users can shoot, upload, store, and share their personal videos on any Magnify-hosted channel. The app, which is free, is currently available on the App Store.

Last year, Magnify added social networking features to its video channels, which can integrate video from across the web (YouTube, AOL). Magnify is using these features to create white-label video platforms and communities for various businesses, including Zappos, New York Magazine Mediaite, and The Weather Channel. In fact, Magnify has seen significant growth in this side of the business.

Magnify currently has more than 62,000 customers using its video platform. While iPhone 3GS users can submit videos from other sources to their Magnify channels, Magnify Mobile lets users design and layout their individual channels to fit their personal tastes. According to Magnify, the app will be developed for other smartphones, including the Blackberry and Android.