Global media giant News Corporation has reported that MySpace bought in $75 million (US) in revenue for the quarter ending December 31.
The internet division of News Corp, Fox Interactive, which includes properties including Fox Sports Online, IGN, Rotten Tomatoes and Scout.com, along with MySpace, failed to rank a mention in the earnings release (pdf) however Rupert Murdoch did discuss the popular social networking site on a conference call to investors, with Murdoch stating that “MySpace is the big star at the moment,” and the he sees it “being a very big profit driver for the overall company in the coming years, if we get it right and keep it right.”
MySpace, the No 6 ranked web destination globally according to Alexa, was acquired by News in 2005 for $900m USD.
The site has long been plagued by issues relating to converting traffic to revenue, and although the $75 million is a relatively small return given the number of visitors to the site, it is an improvement of previous quarters. However, in perspective to News Corps $7.84 billion in revenue for the quarter, MySpace contributed less than 1% to News’ coffers.
Originally posted on February 9, 2007 @ 6:57 pm