n 2005, news Corp purchased the social networking site, myspace.com for $580 million. That seems like a bargain now, since myspace popularity has skyrocketed. In fact, the site ranks among the most visited websites on the planet, and also holds a firm position in as one of the top advertising sites. Pali research analyst Richard Greenfield found that every month, myspace produces over $24 million in domestic revenue and $6 million in international revenue. Greenfield expects monthly revenues in the upcoming year will be at least doubled. That would generate about $750 million in revenue over the next twelve months.

Recently, Myspace hooked a $900 million deal with Google, who will be placing a search platform as well as advertising space, on the myspace site.

Greenfield believes in the near future, NewsCorp’s goldmine networking site could lose around $75 million when they introduce Fox News Business Channel. If that’s not enough to put a check on myspace’s money-making high, two incognito American hackers have announced plans to reveal security slips on the site. The hackers are working under the names “Mondo Armando” and “Mstaschio”. They’ve decided to pick on myspace in particular.

“We could have just as easily gone after Google, Yahoo, MSN or ZDNet or whatever. Myspace is just more fun”, says Armando on the hackers’ live journal site.

Myspace should bounceback fine from these seemingly minor setbacks. Bottom line, myspace is a jackpot for newscorp, and they’ll come out just fine in the long run.

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