MySpace opens up to developers

Shaon published 19 Oct 2007, 16:25 in main - 373 views

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News Corp's MySpace, the world's largest online social network, said on Wednesday it will allow outside developers further access to its service to counter the growth of smaller rival Facebook.

News Corp chairman Rupert Murdoch joined MySpace chief executive Chris DeWolfe to make the announcement before Silicon Valley's Internet elite and answer questions about the media conglomerate's digital future.

At the same time Murdoch signaled lower expectations for MySpace revenue in the company's 2008 fiscal year ending in June, suggesting it may not reach a previous forecast of over $800 million.

"I might say $750 (million) but it's at least 30 times what it was the day we bought it two years ago," Murdoch said at the Web 2.0 Summit in San Francisco. "If we keep that trajectory going like that we'll be very happy."

Murdoch's acquisition of MySpace for $580 million in 2005 crowned him as the smartest media executive at the time, once rivals realized the potential of its growing base of users for promotions and advertising.

News source: Reuters

Tags: MySpace, Developers

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