News Corp Says Myspace Could Be On The Way Out

For those who made the switch over to Facebook years ago, you more than likely abandoned your Myspace account either immediately or shortly thereafter. After that, the social networking site has gone through tons of facelifts and revamps in order to retain what little followers the site has. Those were all thanks to the site’s owner, News Corp, who purchased the Facebook competitor back in 2005.

Now, it seems that the media corporation may be pulling the plug on the site by the end of next years, says president Chase Carey. From THR.

Discussing online social network MySpace, Carey said he is happy with a just-launched redesign, but said that “current losses are not accceptable or sustainable.” He said the redesigned MySpace has the “potential to be an exciting business, but needs to show real progress in the coming quarters, not years, mainly by growing traffic and revenue and “a clear path to profitability.” \

Observers took this as a signal that News Corp. could look for a buyer if MySpace shows no real progress. The networking site’s revenue declined by $70 million in the latest quarter compared to the same period a year earlier.

As for it’s future, there is a possibility of a merger of Myspace and Yahoo, which could just be the decision that will help pull the site out of the fire. News should come by the end of the year whether or not that merger will actually happen.

In the meantime, if you don’t want the site to disappear, you may want to dust off your profile and update your profile song from Smash Mouth’s “I’m a Believer.”