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Myspace - too little too late?

From: Glen D.
Sent on: Thursday, October 28, 2010 11:06 AM

For MySpace, a Fresh Coat of Paint
Deep in the red, News Corp.'s social-networking site gets a redesign. The "cool" factor is still to be determined
The numbers tell the tale of MySpace. Visitors? Down 20 percent in the last two years. Profits? None: It loses "below $100 million a year," according to the company. Value? Just over half the $580 million News Corp. (NWS) paid to acquire the social-networking site in 2005, says Alan Gould, an analyst at Evercore Partners (EVR).

On Oct. 27, MySpace unveiled a "dramatic remake," as News Corp.'s chief digital officer, Jon Miller, puts it. After years of cluttering its pages with distracting ads and features, MySpace is reversing course and slimming down. It hopes to lure back the lucrative under-35 demographic that has abandoned MySpace for Facebook, the top social network in the U.S. In September, Facebook drew 148 million visitors; MySpace had 58 million.



Glen DaSilva
DaSilva Digital Productions 
[address removed] 


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