The News Corp.-owned MySpace, which this year underwent a complete overhaul to swap identities from flagging social network to pop-culture media sharing hub, announced today that it's renewed its advertising deal with Google. The existing $900 million ad contract expired this fall.
This summer, a report surfaced that MySpace had been talking to Microsoft and Yahoo as well as Google regarding the formation of a new contract. Google had been vocally dissatisfied with the existing contract, saying that its ads on social networks simply didn't pay. Meanwhile, MySpace's traffic was plummeting as social-networking users flocked to Facebook instead.
As part of the new deal, MySpace will be participating in both the Google Display Network and DoubleClick Ad Exchange. Google has been aggressively pitching its display ad services to the media world for several months now, touting the possibility of integrating in-house technologies like YouTube.
"We're excited to deepen our partnership with one of the largest social Web properties in the world, MySpace," Henrique de Castro, vice president of global media and platforms at Google, said in a release. "We're pleased that our technology will benefit MySpace's users on its newly redesigned site, and that MySpace has chosen our display advertising solution to increase its returns."