A makeover planned to begin Wednesday for MySpace is the latest sign of the continued struggle to make social networking the cash cow many thought it would be when News Corp. bought the site three years ago, the New York Times reports. MySpace's user base has grown from 16 million to more than 118 million since—but still falling short of profit targets.
“The jury’s still out on MySpace’s ability to monetize,” said one analyst. The site's president answers, “We are far ahead of where Google or Yahoo were at this stage of growth." An exec at rival Facebook is still focused on the future: “This is a journey that is going to unfold over the next 5-10 years. That’s when the winners will emerge."