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.
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.
