The London Daily News

Operating losses are up at social networking web site MySpace.

Losses rose to $575 million for the year ending 30 Jun, up $121 million on the previous year.

Nevertheless, bosses at the New Corp-owned company say they remain optimistic about the future.

They said in a statement:

 "We've got a new management team - we've got great confidence in them - they're doing a major overhaul - it will look very different in the next few months than it has in the last few years. We're going to see it out for some time yet. Obviously, we're keeping it under very close review".

Some commentators assume MySpace will be dead within the year, leading said commentators to question whether News Corp will see any value in keeping the autonomous (corporately speaking) MySpace Music going as a stand alone concern.