News Corporation unveils their plans for MySpace.com

Rupert Murdoch owned News Corporation has finally revealed their upcoming plans with their recently acquired online social networking portal MySpace.com. They plan to soon start offering video downloads on this service as they aim at creating more useful and usable content on their online services.

Mr. Murdoch was speaking to the media reporters at a technology and media conference in Arizona when he claimed that the potential for online services for the company is enormous in the coming times. He also went on to predict online revenues of close to $350-$400 million in the next two years.

Murdoch said in a statement: “There will be millions of downloads a day probably.” He was addressing the audience at the Citicorp’s annual Entertainment, Media & Telecommunications Conference in Phoenix. However, he did not reveal all the plans News Corporation has for their online portals and web based services.

MySpace.com is said to be adding as many as 1 million users a week and already has a user base of around 47 million users. Murdoch claimed that most traditional portals lack the kind of content young web users are looking for and they would have an advantage on this front. He added: “Big companies like ours must change, and we are preparing ourselves for that.”

The company also has plans to invest up to USD 1 Billion through their subsidiary US satellite TV business DirecTV in the high-speed wireless broadband market.