MySpace in a World of Hurt

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Myspace’s recent reported quarterly earnings  continues to suffer in the wake of Facebook’s growth. News reports speculate that Myspace lost $32 Million in the Quarter, but it’s impossible to know for sure due to the type of financial reporting. Most the the decline is attributed to a decline in traffic, advertising and search revenue.

The entire digital category for News Corp Inc. lost $73 Million. Rubert Murdoch, CEO of News Corp reorganized MySpace in 2008, firing the founders and bringing in a new management team. It doesn’t appear the move has helped, MySpace is projected to decline 21% in 2010.

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