News Corp hoping for USD 1 billion revenues from online services

MySpace.com parent company News Corp has said that they expect to make revenues touching USD 1 billion from their online services this fiscal year.

This is however below their previous expected figures exceeding USD 1 billion. They expect their margin to be around 20% of this amount.

News Corp further said that they are now lowering its fiscal 2008 revenue outlook for MySpace.com to about USD 750 million.

This figure was expected to be around USD 800 million previously.

News Corp Chairman and Chief Executive Rupert Murdoch added about MySpace.com: “While other competitors have entered the arena, none of our peers (are) close in sheer numbers.”

MySpace continues to remain the web’s most popular social networking service. Challengers include Facebook, Orkut, Friendster, Hi5.

Popularity: 4%