News Corporation's president has spoken out publicly against the financial state of social network MySpace, saying that the losses from the social network are 'neither acceptable or sustainable'.

MySpace has been put on notice by parent company News Corp, with Chase Carey, News Corp's president, noting MySpace "is a problem" after quarterly losses in its News Corp's digital and other activities increased by $30m to $156m (£97m).

MySpace relaunches

MySpace relaunched recently as a music and entertainment network and, interestingly, with concurrent marketing blurb claiming the site was now a 'complement' to Facebook, not a competitor.

That didn't stop Chase Carey from noting this week that "traffic numbers are still not going in the right direction" and MySpace's performance is being judged "in quarters, not in years".

News Corp originally bought MySpace back in 2005 for $580m (£360m) in 2005.

Overall, News Corp's net income in the company's first quarter to 30 September 2010 increased by 36 per cent to $775m across all of its businesses, from 20th Century Fox film and Fox News through to Star TV in Asia.


Read more: http://www.techradar.com/news/internet/ ... z14MG1ESjC

I thought it was a heap of sh1t even before he bought it

I've always liked it. A lot of bands have decent pages, including nobodies because it's free.

That's the only thing I ever liked about it, but nearly everything about it looks and feels so amateur

Dozens of people will be disappointed by this decision.

As many as that? I think that we might see less of Lily Allen clones as a result of this. It was used to showcase peoples work, so there will be a need for something else that can replace it.

If I thought the hip brigade and the Murdoch press wouldn't make you utterly sick of it, I'd suggest that's something FB might wanna pursue, maybe even as a revenue raiser...

Wekk Faceboiok already have fans/like so it could make it easier to sell concert tickets etc or even just advertise them amongst likely fans.