New focus for MySpace (L.A. Times)

Profoundly admitting defeat to Twitter and Facebook, the corporate owners of the popular social media site MySpace says it will now switch its focus to entertainment, the Los Angeles Times is reporting.

The Rupert Murdoch-owned News Corp., which along with MySpace also corporately owns several FOX properties including the Fox News Channel, says MySpace is no longer competitive with the other popular sites and will undertake a massive refocus in the coming months.

L.A. Times:

"I think we got spread a bit wide and thin and what we're focusing on is sort of the heart of our business going forward really being a social network around key content," said President and Chief Operating Officer Chase Carey. "We're not trying to compete with Facebook or beat Twitter. We're trying to create a unique experience."

Carey's comments are the most pronounced yet from News Corp. that it sees a need to change course with MySpace, a pioneer of social networking that was supposed to burnish the media giant's tech-savvy credentials. But MySpace has lost ground in recent years, and News Corp. disclosed Wednesday that it was expecting to fall $100 million short in revenue under a contract with Google Inc.

News Corp. discussed the difficulties in turning around MySpace during a conference call with analysts to discuss its fiscal first-quarter results. A strong summer at the box office and a healthy cable TV business contributed to an 11% increase in profit for the company, offsetting decreases in the media giant's broadcast television, newspaper and digital businesses.

================================
E.C. :)