There was a time before Facebook where everyone talked about MySpace as being “the” site to hang out on.  Everyone was friending, commenting, customizing their profiles and making fun of the fact that “Tom”, the founder of MySpace, was their “friend”.  But, like Friendster before it, a usurper came to unseat it from the throne of being the king of social networks, and it’s name was Facebook.  Although MySpace has held on, and launched a really stupid new logo, it looks like its days may be numbered for how long it will remain with us.

USA Today reported that in an earnings call earlier this week, News Corp. COO Chase Carey spoke fairly candidly about the future of MySpace.
MySpace logo

“We’ve been clear that MySpace is a problem,” Carey told Wall Street analysts in an earnings call. “The current losses are not acceptable or sustainable.”

He says he’s optimistic about MySpace’s new focus on social entertainment.

But with traffic numbers that “are not going in the right direction,” Carey wants to see “a clear path to profitability” on a timetable measured “in quarters, not in years.”

This doom-and-gloom was brought on by the fact that MySpace lost $156 million in the third quarter compared to a loss of $126 million in the same quarter last year. Revenues for the time period ending in Sept. were $298 million, which was down 25.5 percent from the same time period in 2009. Considering News Corp. purchased MySpace in 2005 for $327 million, it’s understandable why after five years the company would like to see a profit vs.  growing losses.

Will they actually shut it down?  Who knows, but is there really any point to keeping a site up that hardly any one uses?  Although it does make one wonder where anyone will ever find home for all those glittery graphics once again.