MySpace Loses $150 Million
The social networking site feels the heat from rivals.
MySpace, the website which once dominated social networking, has posted record losses in the region of $150 million. Rupert Murdoch’s News Corp., which bought the site five years ago for $580 million, has admitted “big mistakes” have been made in its running.
The losses are more bad news for the site, which axed almost a third of its workforce in 2009. During that time, it’s also seen the popularity of rivals like Facebook and Twitter grow exponentially and solidify their position as market leaders.
Rupert Murdoch jumped to MySpace’s defence, promising a bright future for the website.
"There'll be a lot of changes coming through the summer. The early indications - and they're only early indications - are we're getting more visitors and they're staying longer… When that gets more substantial, we'll get more advertising."
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