Myspace Ship Sinking Fast

GLOBAL media company News Corporation put Myspace on notice today, saying the losses at the ailing social network were not sustainable. 

"We've been clear that Myspace is a problem," News Corp chief operating officer Chase Carey said during a conference call with analysts.

"The current losses are not acceptable or sustainable," he said.
"Our traffic numbers are not going in the right direction."

Mr Carey said News Corp, which bought Myspace for $US580 million in 2005, was encouraged by the social network's relaunch last week but needs to see a "clear path to profitability".
"We need to make real headway in the coming quarters," he said.

Myspace, which counts over 100 million users worldwide, unveiled a redesign targeting a younger audience as it seeks to regain ground lost to Facebook, which boasts more than 500 million users.

Since being eclipsed by Facebook, the site has positioned itself as a platform for musicians and their fans.