News Corp COO: 'MySpace Lost Its Way' (VIDEO)

News Corp COO Chase Carey fielded questions on MySpace at the Paley Center for Media in New York late last month, admitting that the company has erred in the past and is working to regain its footing.

"Clearly, MySpace lost its way a bit," he acknowledged. He went on to explain its missteps: "It got too big, was doing too many things, and didn't spend enough time developing the quality of the consumer experience. It took on too much and wasn't focused enough on what should be its core strengths."

On what's coming:
"We've spent a lot of the time since last summer right-sizing--[MySpace] went through some layoffs--bringing some focus to it, investing in the quality of customer experience to improve that. [...] We've got a lot of product launches coming."

On MySpace vs. Facebook:
"We've brought focus back to what MySpace should be about, which isn't going toe-to-toe with Facebook. It really is about a content site where you discover, share, interact with core content, music, games, and entertainment."

On traffic:
"We've still got great traffic--traffic that's not going in the right direction, but it's trending better than it was."

Earlier this year, News Corp founder, chairman, and CEO Rupert Murdoch himself acknowledged MySpace had "made some mistakes."