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Barron’s is reporting that Pali Research has figured that MySpace (NWS) is bringing in $30 million a month. And, that number could double in a year against very little increase in cost.
If so, Mr. Murdoch made a very good deal. A year out, the social networking site could have an annual revenue run rate of $720 million. Given that he spent just over $500 million for the company and signed a $900 million contract for exclusive search rights paid to News Corp by Google (GOOG), the deal gets better every day.
It is an odd contrast to YouTube, at least for the time being. Google shelled out $1.6 billion and so far the returns are made up of headaches.
Douglas A. McIntyre
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