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Advertising to Cretins Expected To Drop in 2009

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While the News Corp founder's biographer Michael Wolff may think Rupert Murdoch's MySpace users are "cretins", the company's CEO Chris DeWolfe believes profits will "continue to grow in spite of the poor economy".

"If you're on MySpace now, you're a (expletive) cretin. And you're not only a (expletive) cretin, but you're poor," said Wolff. "Nobody who has beyond an eighth grade level of education is on MySpace. It is for backwards people," Cnet News reported.

Guess Wolff will not be getting Murdoch to promote his book, "The Man Who Owns The News", any time soon.

Meanwhile, Reuters reported the MySpace CEO has seen a drop in the value of many online companies over the past six months - which we have all seen - but the numbers mentioned are interesting.

"Web companies that were worth between $200 million and $300 million just six months ago are now willing to sell themselves for $20 million to $25 million, and some have begun knocking on his door recently," DeWolfe told Reuters.

DeWolfe said the company was interested in some international companies, as well as some music ones. So will MySpace be rolling out an iTunes competitor in the new year?

Guess 'cretins' like music.

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