If you thought social networking was big before, wait till you get a load of this. Rupert Murdoch last week said MySpace makes roughly $25 million a month in online advertising revenue, and that it’s growing every month at an approximate rate of 30 percent per quarter.

And that’s not all. Murdoch added, “”Next year we’ll be kicking in with search revenue from Google so together with IGN, we’ll be getting close to a billion dollars of revenue.”

And an interesting comment on YouTube:

He added that, after Google bought YouTube, it
prevented MySpace access to its content from the video-sharing site.
Murdoch said MySpace then ramped up its video element and now had
roughly 60 or 70 per cent of the number of uploads that YouTube gets.

“If
you look at it [YouTube] carefully it’s not a community site. It’s an
experience and it can be quite hypnotic. But how do you monetise it? If
you interrupt the flow of videos with commercials the users will be
over to us or somewhere else pretty quickly,” he added.