Murdoch's News Corporation admits MySpace lost its way

Five years after it bought MySpace for $580 million, NewsCorp has admitted the site has lost its way.

News Corp's chief operating officer Chase Carey admitted as much at a recent session.

"Clearly, MySpace lost its way,'' Carey said. "It took on too much and wasn't focused on core strengths. We spent a lot of time this past summer right-sizing it, doing some layoffs. We have a lot of product launches in the next few months. In terms of the strategy, It's not about going toe-to-toe with Facebook. MySpace is a content site. It's not where we need it to be, but it's headed in the right direction."

Headed in the right direction? What evidence does he base that on?

As Dave Parrack at tech.blorge says, Facebook might be in deep trouble over privacy but no one has yet talked about leaving Facebook for MySpace. It just isn't that relevant in the social networking space. One of Rupert's more obvious mistakes.


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