News Corp. CEO Rupert Murdoch is admitting that they dropped the ball with MySpace.
News Corp. acquired the social networking and music website for $580 million in 2005, around the time when it was the most visited website in the United States.
But after losing ground to Facebook for several years, in spite of several redesigns and launches, the company eventually sold MySpace in June for $35 million.
"Many questions and jokes about MySpace," says Murdoch on Twitter. "Simple answer is we screwed up in every way possible, learned lots of valuable expensive lessons."
This week Panasonic, with investor Justin Timberlake, announced that it hopes to tap into the service's music videos and songs to allow users to watch, listen to, and interact with content.
News Corp. CEO Rupert Murdoch is admitting that they dropped the ball with MySpace.
