For many years, Facebook and MySpace were competing for eyeballs. It was a neck to neck race. But Facebook pulled away. Estimates for Facebook revenues are now at around the $2 billion mark. By way of contrast, analysts estimate MySpace revenues at $180 million in 2006, $400 million in 2007, $600 million in 2008, $500 million in 2009, and $385 million this year, In other words, just over $2 billion in the five years since its acquisition by News Corp, the amount that Facebook is making in just 12 months.
Buying MySpace was one of Rupert Murdoch's biggest mistakes.
Now we have news that MySpace is making it possible for users to carry over their likes and interests from their Facebook profile to their MySpace page. In effect, it's asking Facebook to find ways of keeping its members. Resistance is futile.
MySpace says it wants to be the "leading entertainment social destination." Yeah right. What's really happened is that News Corp's social networking experiment has given up. It's handed all its information over to Mark Zuckerberg. Rupert Murdoch didn't make a fair dinkum cent out of it.
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