Speaking at the Reuters Media Summit, MySpace CEO Chris DeWolfe forecast advertising revenue growth in 2009. While advertising in general has slowed, he points to a continued switching trend form off to online media.
Still one of the world’s largest social networks, MySpace enjoyed an 18% year on year growth in revenue last quarter. It will indeed be impressive if they are able to keep this up.
There is growing speculation that MySpace may move towards a subscription model, something that DeWolfe does not corroborate nor does he rule it out.
He further points out that now is a good time to be contemplating acquisitions for cashed up companies (and private equity players looking to put their funds to work) as valuations are dropping off significantly.