While still leading in visitors and revenue, MySpace announced that it would follow in the footsteps of Facebook today, according to Reuters.

News Corp. chief Rupert Murdoch joined MySpace CEO Chris DeWolfe to announce that the leading social network site would be opening up its platform to outside developers.

The move comes after Facebook experienced astonishing growth after opening its backend.

Murdoch hinted at lower revenue expectations than the projected $800 million.

"I might say $750 (million) but it's at least 30 times what it was the day we bought it two years ago." Murdoch said, dodging concerns, "If we keep that trajectory going like that we'll be very happy."