The big MySpace relaunch - which we think was probably the fourth or fifth time they've announced that they're now a music and entertainment site - has been more or less undermined by deep sighs from News Corp:
Chase Carey, News Corp's president, said the company was clear that MySpace "is a problem" after quarterly losses in its digital and other activities widened by $30m to $156m (£97m).Most observers seem pretty agreed that the current relaunch is MySpace's last throw of the dice; it can't be helping them that their family is stood at the side of the craps table yelling "you don't know what you're doing, we'll be out in the car waiting to drive you home in five minutes."
MySpace, now well overtaken by Facebook in popularity, has been relaunched as a music and entertainment network, but Carey – deputising for an absent Rupert Murdoch on a results conference call – said that "traffic numbers are still not going in the right direction". He warned that the site's performance was something "we judge in quarters, not in years".
The real problem is for this MySpace to work, it's going to need to be fed with content by bands and other creative people. But if you were looking for a home for your content, and to build a relationship with fans, why would you throw your lot in with a social networking site whose owners can't even think of anything positive to say about it to investors?