“We’ve been clear that MySpace is a problem.”
“The current losses are not acceptable or sustainable.”
They must show improvement in “in quarters, not in years.”
News Corp. president Chase Carey spoke to investors earlier this week and everyone is talking about it. He made it clear that the 70 million drop in ad and search revenue wasn’t going to be tolerated and that without a major improvement MySpace’s days were numbered.
It’s interesting timing. Not two weeks ago, MySpace announced a major overhaul that included a redesign and a focus on entertainment and a younger demographic. The website’s one saving grace over the years has been its popularity with musicians. Back in 2005, shortly after the NewsCorp buyout, MySpace launched its own record label.