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“The Bottom Has Fallen Out For MySpace,” Analyst Says

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myspace-1As Facebook’s worth soars into the billions, Myspace, it’s most successful predecessor seems to be on a conversely opposite fall.

In 2009, MySpace generated $470 million in ad revenue. However, just one year later, in 2010, Myspace’s profits fall, like a bird out of the sky, down to $288 million.

If that weren’t enough to put the heads at MySpace on edge, the company’s estimated revenue for 2011 is projected at $184 million. Previously, estimates projected the site would generate $347 million in 2010 and $297 million in 2011.

“The bottom has fallen out for Myspace, the company that Rupert Murdoch only a few short years ago thought of as the crown jewel of News Corp.’s online future,” said Debra Aho Williamson, eMarketer principal analyst.

"The Bottom Has Fallen Out For MySpace," Analyst Says by
Authored by: Harrison Barnes