(Source: funhoo.com)
Murdoch tweeted that he "screwed up" MySpace
Not unlike a broken-hearted man wallowing in his drink over a recent break-up, founder and CEO of News Corporation Rupert Murdoch tweeted about his rocky relationship and lessons learned with social network MySpace at the Consumer Electronics Show (CES) in Las Vegas this week.
Murdoch's News Corporation bought MySpace and its parent company eUniverse (which is now Intermix Media) back in July 2005 for $580 million USD. But Facebook, which launched in February 2004, overshadowed MySpace and took over the social networking universe. MySpace has been in decline over the past few years due to its inability to compete, peaking at 73.6 million users in October 2008 and is now down to below 30 million users. Facebook, on the other hand, now has over 800 million active users where over 50 percent of them log on to the site in any given day.
After nearly six years with MySpace, News Corp. put the dying social network up for sale in February 2011. It sold for only $35 million USD to advertising company Specific Media and artist Justin Timberlake in June 2011.
Now, Murdoch made his way to CES this week and tweeted about his turbulent relationship with MySpace for the first time since signing up for Twitter earlier this year.
"Many questions and jokes about MySpace. Simple answer -- we screwed up in every way possible, learned lots of valuable expensive lessons," tweeted Murdoch.
This isn't the first time Murdoch has addressed the MySpace failure. In an annual shareholder meeting in October 2011, Murdoch said, "I made a huge mistake...We bought it [MySpace] for $600 million. We could have sold it for $6 billion a month later."
Murdoch has tweeted throughout CES 2012, making comments on the big players in the tech industry and "feeling the digital tornado."
"CES again," tweeted Murdoch. "Big three, Apple, Google and Amazon, and maybe Facebook dominant now and growing. Plenty of others good, but not in same league."
Source: The Telegraph
"If you can find a PS3 anywhere in North America that's been on shelves for more than five minutes, I'll give you 1,200 bucks for it." -- SCEA President Jack Tretton
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