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MySpace Ad Revenue Drops in Q1 2009

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News Corp, which owns Fox Interactive Media, which owns MySpace, has reported their first quarter earnings for 2009. The news was not so great for the social network, with a reported 16% decline in ad revenue.

"“Our third quarter results directly reflect the continuing weakness of the global economic
climate. Despite this tough environment, we have proven resilient in several key areas
this quarter," said News Corp Chairman and Chief Executive Officer Rupert Murdoch. "We continued to make necessary operational adjustments to ensure our businesses are performing at optimum levels. We are working daily to increase market share and strengthen our core businesses, even in this very challenging environment.”"

There are changes afoot at MySpace as News Corp and Fox Interactive seek to turn back the negative trend. Former Facebook exec, Owen Van Netta, was recently named CEO of MySpace. Facebook, of course, has been growing rapidly, much to MySpace's demise. It will be interesting to see if Van Netta can breathe new life into MySpace again.

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