Quote from Avalanche:
http://finance.yahoo.com/q/bc?s=MIX&t=1y&l=on&z=m&q=c&c=
Company apparently owns 50% of http://www.myspace.com/
myspace if you have neverbeen there is the hottest social networking website on the web, having buried friendster.
do your own DD but from what i understand they are signing up around 70K people a day and are only charging about 4-5 bucks for the adspace right now per 1000 clicks/banner adds (compare that to the 20-25 bucks per 1000 some sites get.
That's bringing in 20M a month apparently. Considering probably half there users are in the demographic that advertisers slobber over, you know the advertising dollars are going up.
The migration costs are debatable.....yahoo, msft, etc are working there way into the space so there is some risk there but the longer they wait the more critical mass myspace pics up.
Would also note that "mix"'s core business involves adware and some other websites that are pretty much junk. They have hit gold though with myspace.
quoted 9.68 as of this post, up 12% didn't see any news. Worth watching. (and no I don't own any)
Only way I know of to play the social networking space sinc that and the whole rss feeds are where the action is at right now.
Cheers.
Got bought yesterday.
News Corp buys Intermix for $580m
By Aline van Duyn in New York
Monday, July 18, 2005
Posted: 05:20 PM EDT (22:20 London)
Rupert Murdoch on Monday made a $580m cash purchase of Intermix Media (AMEX:MIX), his first significant internet acquisition since he made the sector a priority for his News Corp media group earlier this year.
The California-based company owns the MySpace.com portal, the fifth most viewed web domain in the US, as well as about 30 other websites. In its most recent quarterly results in June, Intermix Media reported revenues of $24.1m and a net loss of $409,000.
Mr Murdoch, chairman and chief executive of News Corp, has had his eye on MySpace.com for some time, although discussions only started last week. MySpace.com users tend to spend a lot of time on the site, which offers chat rooms, blogs, music sharing and other "social networking" features. Mr Murdoch believes this "stickiness" will extend to his Fox news, sports and entertainment offerings, allowing the combined group to attract a bigger share of the internet advertising market.