There was a lot of frowns when Rupert Murdoch bought the myspace.com portal. In the past couple of months there has been lots of speculations about News Corp's intentions. Well...

There was a lot of frowns when Rupert Murdoch bought the myspace.com portal.  In the past couple of months there has been lots of speculations about News Corp's intentions.  Well today Mr Murdoch predicted revenues of $350-$400m by 2007 through its online activities.

He also teased the world with the announcement of available video downloads with the intention of creating "more content and better content".

With 47million users and apparently growing by 1million a week it will be interesting to see the reactions of the online community and forthcoming announcements from Murdoch. (Meanwhile, an article in USA Today has taken a look at what it's really like to hang out on myspace.)

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