Chernin: MySpace Ad Sales 'Above Where We Expected It To Be'

Michael Learmonth | September 10, 2008 1:29 PM

chernin and murdoch.jpgNews Corp. (NWS) President Peter Chernin says MySpace has at least partly figured out the advertising puzzle, or is at least doing a better job of it than it was last spring. At a New York investor conference Tuesday, Chernin said "the MySpace advertising business is above budget, above where we expected it to be."

News Corp.'s online unit missed revenue targets for fiscal 2008, which ended in June, but it doesn't sound like that's happening again this year. News Corp. has forecasted a 30% revenue increase for Fox Interactive--mostly MySpace--in fiscal 2009, down from 57% in 2008. Chernin's message is basically the same as it was in August when he said the unit isn't seeing any weakness in online ad spending and that brand advertising on the social network had gotten stronger.

Chernin said News Corp. is open to expanding its digital business through acquisition, and expects that prices will come down during the downturn, but they haven't yet. "Most of the things we're seeing now still seem a little pricey," he said.

See Also:
MySpace Still Handily Beating Facebook In The U.S.
MySpace Music Grunts: Please Don't Hire A CEO!
Bad News For MySpace: Growth Flattened. Good News For MySpace: It's A Real Business
Blame Google For MySpace's Advertising Problems

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14 Comments

Hard to believe, especially given industry-wide weakness in display advertising. Wonder where it's coming from.

More inventory? Higher CPM? More ads on page? Search? (Did Google finally figure out how to monetize?) Big site-wide sponsorship deals? Would be nice if they shared some details.
My guess is its big studio marketing deals for movies and the like. They've done a bunch and had some success with them.
Hard to imagine regular display cpms are going anywhere, and they're getting a fixed payment from Google on search.
anton said:
Given the amount of remnant they run, if they were able to increase premium sales (at even depressed CPMs), their blended CPM could've increased move the needle.

insider said:
until they start supplying some specifics, why o why do you (or anyone) continue to believe this puff?

If things were really great, why would News so noticably not provide details - as they do with all their other division?

Because FIM is weak. And MySpace is still struggling to monetize.

And why does News obfuscate?

To try to keep some "new media savvy" premium in their stock price, of course.

Please stop being a ready mouthpiece for their transparently bogus self-aggrandizement.

Please?
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