Massive loss for MySpace for 2011

by DevDia | April 13, 2011 at 11:48 am

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The rapid decline of MySpace continues with more bad news.

After losing 14% of their audience in a month's time, the social network had further bad news that was related from a document passed around by parent company News Corp.

The document cites revenue of $109 million for the period ending June 2011. Expense is marked at $274 million, meaning an overall loss of $165 million for the social network in a year's time. The document goes on to say that expenses will drop almost 400% to $65 the next year ending June 2012, although gives no supporting evidence on how.

The goal of the document, which was passed around behind closed doors, was to try and find a buyer for the social network.

Source: http://techcrunch.com/2011/04/12/exclusive-the-bleak-financial-numbers-from-the-myspace-sale-pitch-book/