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Pali Research analyst Richard Greenfield has raised his rating for News Corp. based in part on his estimate that MySpace is now generating over $30 million a month in revenue.

Greenfield says about $24 million is coming from the U.S., Barrons reports. Monthly revenues should more than double over the next 12 months for the social networking site, "at very high incremental revenue margins," Greenfield says.

If the prediction is realized, MySpace would be generating more than $60 million a month in revenue by early 2008, for an annual run rate in the neighborhood of $750 million a year.