Myspace Put “On Notice” By News Corp

November 5th, 2010 - 10:17 pm ICT by Angela Kaye Mason  

Nov 5 (THAINDIAN NEWS) In a report from the AFP, Myspace has been put on notice by Rupert Murdoch’s News Corp, after the losses at the shrinking social network became unsustainable. Myspace was told that they need to show improvement in the next few quarters in order to fix the issues.

The President of News Corp, Chase Carey stated, “We’ve been clear that Myspace is a problem. The current losses are not acceptable or sustainable. Our current management did not create these losses but they know we have to address them.”

Although Carey admitted that the new design of Myspace was well received by the opinion-makers, they still have to sell the idea to the users, and build more interest among consumers. He said that they do realize the challenges that this proposes.

Myspace was purchased by News Corp in 2005 for 580 million dollars, but with the growth of Facebook, which now has over five hundred million users, Myspace membership has continued to drop.

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