6 Music - Music News

The once dominating force for social networking MySpace looks to be in trouble this week.

According to the latest figures from News Corp, the site has lost around £100 million, leading Rupert Murdoch to admit that "during the last two or three years, I think we made some big mistakes".

News Corp. acquired the site five years ago for £385 million but it's been flagging ever since with 30% of its workforce being laid off in June 2009.

While Murdoch acknowledges that mistakes have been made along the way, he also believes there will be a dramatic turnaround beginning under new management, and claimed that MySpace Music is currently the top music site, by page views.

"We've got fine new management now; they've started to introducing new features," Murdoch told reporters.

"There'll be a lot of changes coming through the summer. The early indications - and they're only early indications - are we're getting more visitors and they're staying longer. 

"When that gets more substantial, we'll get more advertising."