Despite a complete overhaul, refocus, and sexy new look, it appears that MySpace still hasn’t won back the heart of its owner. News Corp executives are hoping to sell or partner off the once dominate social networking site despite its efforts to remain relevant.
“There are opportunities here to do 20 things (with MySpace) but that doesn’t mean you’re going to do any of the 20,” said Chase Carey, COO of News Corp at the Reuters Global Media Summit. “If there’s something there that makes sense you ought to think about it.”
In late October, News Corp relaunched MySpace with a focus on entertainment and music. The new layout closely resembles Facebook and Twitter, but a partnership with Facebook indicates that MySpace has no desire to be the world’s biggest social network, like it once was. It is unknown how effective the redesign has been at attracting new visitors to the site, but comScore reports that about 60 million people visited the site in October–not bad for a network long considered dead.
Still, it’s all about revenue for News Corp, which scooped up MySpace for $580 million in 2005. Though it made its investment back in a $900 million 2006 advertising deal with Google, MySpace has continually lost subscribers and revenue for several years now.
“We have really overhauled the product and made it a very different experience and I think they did a very good job,” said Carey. He also reiterated comments made in early November, underlining the importance that MySpace become a profitable entity in the near future. “I’m not going to break down (the number of) quarters. It’s not years…we need to deal with this with urgency.”
Do you think MySpace has life left in it ? Would it be smart for News Corp to hang on to the newly revamped social network?