AfterDawn: News

Murdoch admits company "screwed up" after buying MySpace

News Corp. billionaire CEO Rupert Murdoch has come clean on how his company "screwed up" after buying social network MySpace.

Says the CEO on Twitter: "Many questions and jokes about My Space.simple answer - we screwed up in every way possible, learned lots of valuable expensive lessons."



The company purchased MySpace for $580 million in 2005, right at its peak. The company then quickly saw its prized possession disintegrate. From 2010 to 2011 alone, MySpace traffic fell 48 percent to 35 million unique U.S. visitors. The company had an operating loss of $165 million in 2010 and likely saw a similar number in 2011.

Although you will be very hard pressed to find someone who still uses the site for the reasons it was started, the social network still brings in significant traffic, and was purchased by Specific Media for $35 million last year. The company is a very large ad-targeting firm and could likely make nice business off one of the most trafficked sites in the world.

Written by: Andre Yoskowitz @ 15 Jan 2012 0:53

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• 8 comments

• ivymike

  Murdoch has the magic touch. Everything he touches turns to sh*t

  15.1.2012 02:26 #1

• attar

  Probably found that it was too difficult to breach other peoples privacy - not the same as listening in on a murdered kid's mobile messages.
  

  15.1.2012 11:12 #2

• Jeffrey_P

  Off topic..
  Murdoch is also an old idiot. Being a proponent of SOPA he should be buried in a shallow grave.

  15.1.2012 12:34 #3

• aldan

  Originally posted by Jeffrey_P: Off topic..
  Murdoch is also an old idiot. Being a proponent of SOPA he should be buried in a shallow grave. shot and pissed on.not necessarily in that order.
  

  15.1.2012 17:09 #4

• o0cynix0o

  Originally posted by aldan: Originally posted by Jeffrey_P: Off topic..
  Murdoch is also an old idiot. Being a proponent of SOPA he should be buried in a shallow grave. shot and pissed on.not necessarily in that order. You forgot dragged into the street.
  

  “Breathe in. Breathe out. Breathe in. Breathe out. Forget this... and attaining enlightenment is the least of your problems.”
  –Zen Judaism by Someone Clever

  16.1.2012 12:05 #5

• xnonsuchx

  I know several people who quit using MySpace BECAUSE Newscorp bought it.

  16.1.2012 15:35 #6

• hearme0

  While it is truly ridiculous to quit using something like MySpace because "Newscorp bought it", it goes without saying that MySpace was a dead concept for a couple of primary reasons. 1 being it's a haven for child predators and 2, Facebook emerged.
  
  MySpace is a waste of time and money.

  17.1.2012 12:06 #7

• robertmro

  There's not much good anybody can say about Murdock.
  I'm finally in agreement with the hoi polli.
  

  27.1.2012 11:23 #8