Social Networks

Murdoch: MySpace Now Worth $6 Billion

MySpace founder Tom Anderson is making even more friends.

Rupert Murdoch: MySpace is Now Worth $6 Billion
Tuesday November 14, 2:25 pm ET

Speaking with investors at a meeting in Sydney, Australia, yesterday, News Corp.’s (NYSE: NWS – News) Rupert Murdoch reportedly said that the company’s MySpace unit could now be sold for $6 billion, or about 10x the $580 million News Corp. originally paid for the business. The $6 billion was reported in research notes this morning from UBS analyst Aryeh Bourkoff and Credit Suisse analysts Jolanta Masojada and William Drewry.

According to the reports, Murdoch said MySpace now has 130 million users, growing 8 million users a month; he expects 200 million users by mid-2007. Bourkoff says revenue from its advertising relationship with Google (NASDAQ: GOOG – News) should bring MySpace $50 million in fiscal 2007, $250 million in fiscal 2008 and $300 million in both 2009 and 2010.

Meanwhile, wannabe patent troll Friendster can’t even hold down a tiny little office on a third-world Pacific island. No wonder all the hottest Filipina babes are switching to MySpace.

(Via Yahoo! Finance.)

The Kings of MySpace Rap Video

Social media tribute songs are hot: The YouTube Song, New Friend Request, and now The Kings of MySpace.

Why no Friendster tribute songs? Simple: Friendster sucks. Five million Filipino Friendsters should switch to MySpace.