Exec: MySpace Has to Turn Around in “Quarters, not Years”

Remember MySpace? It was that thing that was big before Facebook was big. It had all those wacky custom mouse cursor sets and everyone’s page had a bunch of music videos they liked and you hated? No? Well, it existed, and believe it or not, was once the be-all end-all of social networking. Aside from fading into relative obscurity once Facebook hit the scene, the biggest problem currently facing MySpace is a threat from News Corp.–who bought MySpace in 2005–saying that MySpace’s business better be fixed soon.

Chase Carey, News Corp. COO, said that MySpace’s “current losses are not acceptable or sustainable,” and that it has to be remedied with the shortened timetable of “quarters, not years.” According to a News Corp. financial report, the category that’s headed by MySpace lost $156 million in the quarter that ended in September, a staggering difference to its main rival network that recently got the high profile Hollywood treatment. Even with the recent MySpace redesign and refocusing effort, the once social networking pioneer seems like it may not be too long for this world.

(via USA Today)