News Corporation (NASDAQ:NWSA) social network subsidiary MySpace.com used to be the largest website in the world. Now it is at #72 (Alexa) and revenues have been slipping at the company big time. In 2008, MySpace hit $900 million, but one year later the top executives at the company started to depart. According to a pitchbook leaked to TechCrunch, MySpace’s revenue for fiscal 2011 ending June 2011 is expected to be around $109 million with expenses being projected to be around $274 million.
Next year, MySpace is expecting to have $15 million in EBITDA as revenue is expecting to decrease $84 million. Expenses are expected to go from $274 million to $69 million. About $205 million would need to be saved from operating costs in the next 14 months to make this happen. This would result in massive layoffs and a revenue decrease of only 23% next year. The pitchbook projects MySpace’s revenues to be $101 million for 2013, $119 million for 2014, and $139 million for 2015.