News Corporation announced its Q1 financials last night, with overall revenues of $8.8 billion and a profit of $839 million. However, operating losses increased in the company’s digital media group, which includes MySpace. News Corp’s Chase Carey admitted that MySpace remains “a work in progress”. CEO Rupert Murdoch was more positive though: “We’ve got to admit that during the last two or three years, I think we made some big mistakes. But we’ve got fine new management now; they’ve started to introducing new features. There’ll be a lot of changes coming through the summer. The early indications–and they’re only early indications–are we’re getting more visitors and they’re staying longer. When that gets more substantial, we’ll get more advertising.” Source: PaidContent
Like what you’ve read here? This is just a snippet from our subscription service.
Our subscribers get the most important digital music news and analysis delivered to them every morning and full reports every week plus access to a massive archive of data and previous reports.
For a free two week trial of Music Ally, sign up here. No strings attached – we promise!
Get A Free Music Ally Account
Access unlimited News articles on the site, PLUS a trial of Music Ally’s subscriber-only services, including our industry-leading daily Bulletin email.