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News Corp. chairman Rupert Murdoch said MySpace is generating close to $25 million in monthly ad revenue and that number is climbinh nearly 30 percent each quarter.

According to AdWeek, Murdoch said revenue from News Corp. web properties - which include gaming site IGN and various news sites - was approaching $1 billion, and that in five years digital media should account for roughly 10 percent of the company's revenue.

Murdoch said MySpace's user base is growing "rapidly" thanks to international expansion and moving beyond its core younger users to encompass older demographics.

Murdoch also said he was angered when news first spread that Google had bought YouTube, given that MySpace accounts for "60 to 70 percent" of the video-sharing site's traffic.