![]() ![]() In this recession, Holt is in for an uphill slog. But MySpace has yet to lift News Corp.'s Fox Interactive Media unit past the $1 billion in annual revenue that Murdoch predicted it would reach by last summer. MySpace's revenue is estimated to be nearly three times Facebook's, or about $585 million in 2008, according to research firm eMarketer. MySpace Music could be what it needs: Facebook lacks a music player and relies on third parties to create them for downloads. MySpace is still the largest social network in the United States, with 70 million users a month, but Facebook is catching up quickly with 61 million, according to tracking firm comScore Inc. MySpace also has to intrigue its users enough to hold off social networking rival Facebook, which lapped MySpace a year ago in overall users worldwide, and now has 200 million to MySpace's 130 million. The Times Herald-Record also is owned by News Corp. bought MySpace for $580 million in 2005 but has yet to eke out more than a meager profit from it. Aside from the music industry, Holt has to satisfy billionaire Rupert Murdoch, whose News Corp. Eventually, Holt wants to build up discussions of artists' discographies on MySpace and foster "social DJs" - playlist creators who are as influential as radio disc jockeys once were.īlack Eyed Peas rapper will.i.am credits Holt with being "one of the few guys that knows the way through the jungle" of digital music.īut Holt has the weight of multiple masters on his back.
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