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MySpace in its own space

With the exception of Google, it's been a negative year for Internet stocks. Internet merger activity is quiet compared to last year, and there are few IPOs to get us excited. Vonage put a damper on any IPO enthusiasm. If MySpace were a standalone it would be a hot stock worth about $3 billion next year, based on revenue estimates of $528 million in '08, a 30% cash flow margin, and a multiple of 20 times. It's not a serious consideration at News Corp, but I'm sure the thought crossed their minds. After all, MySpace is adding 230,000 new members each day and has more than 90 million members. It's the fastest-growing property across the top Web brands, drawing 42 million unique visitors in May, up 329%, according to Nielsen//NetRatings. Monthly pageviews grew nearly 400% to 19.3 billion, second to Yahoo. But how will MySpace really make money?

Read my Net Sense column


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