News Corp, lately, has tried a lot of things with MySpace in wake of its competetion with Facebook. They haven’t had much success and recent reports suggest that the Core MySpace team might be on its way out. We think its a great and a gutsy decision. Though we are no one to comment on the likes of Chris and Tom, we believe they are hugely overrated.

MySpace as a product is an average product and it got popular because it was amongst the first. Right from the beginning everyone knew that MySpace was not very well thought of and it just needed a “Facebook” to overtake it in no time because you could clearly see a great vision behind the product and an even better execution.

Myspace will not miss anything by the departure of these executives and on the contrary will save around $50 million a year or even more which is considerable, if not huge.

What mySpace needs is fresh set of ideas, people with innovation on how to monetize and even more importantly bring the loyalty to millions of its users. Sadly Chris and Tom seem to have run out of ideas themselves. We will certainly eat our words if I see Chris or Tom starting a new company and making it super successful again.

Good Luck MySpace. Good Luck Chris, Good Luck Tom.