Greenfield says MySpace has had some success with its MySpace Music offering, but adds that the company "clearly needs to find its next big engagement driver." He says that will be no easy task, and may require an acquisition. Pali Research analyst Richard Greenfield this morning noted in a blog post that due to lower traffic the company won't be getting $100 million of the $300 million it was supposed to receive before the deal expires next June. units that owns MySpace, Photobucket and other properties - received at least $900 million from GOOG over the 3-and-a-half years starting in January 2007, assuming MySpace hit specified traffic levels.
That deal was supposed to guarantee that Fox Interactive Media - the News Corp. As AllThingsD pointed out yesterday, traffic has fallen so much that the company no longer triggers the minimum revenue guarantees under its ad outsourcing deal with Google (GOOG). (NWS) underlined the troubles that continue to afflict MySpace, the company's social networking site. Time to make Zynga an offer it can't refuse.
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