MySpace continued its downward spiral during its most recent fiscal quarter, losing search and advertising revenue and bringing down the bottom line of News Corp.'s digital media group.
Earnings for the digital group fell $32 million last quarter, and while the company does not break out total digital revenue, the "other" operating segment of which it is a part reported a net loss of $73 million, according to ClickZ. News Corp.'s digital group also includes IGN Entertainment, Jamba, Photobucket, and the company's Hulu joint venture with NBC Universal and Disney.
MySpace's overall ad revenue is expected to drop 21 percent in 2010, and the struggling social network recently turned to Facebook to help expand its content reach and potentially boost ad prices. The social network has seen signs of traffic stabilization recently, according to News Corp. CEO Rupert Murdoch.
