Rupert Murdoch has admitted that he feels he is responsible for the problems at MySpace, but the media mogul insists that the social networking site can transcend rivals like Facebook.

Murdoch's News Corp. bought MySpace for $580 million in 2005, but last month saw a third of the site's workforce shed.

The Australian, talking to The Street, remains upbeat about the social network, believing that it deals with shared interests in a way that Facebook does not.

"[MySpace] sort of grew out of control and really out of size," said Murdoch.

"I blame myself and it had to be brought back in size, but we feel that we've got new creative people and it will be a very strong force in many ways and shouldn't be compared ..."

Differences

"I mean, it will be a very different social site to, say, Facebook," he added.

"Facebook is more of a directory. People go looking for their relatives or their friends, who they are going to meet.

"With MySpace, people go there to find common interests, share music, that sort of thing."

MySpace certainly does have an edge when it comes to music, with the site responsible for many artists' rise in popularity.

The Street Via Paid Content