MySpace is lining Rupert's coffers

Social networking monitor Mashable reports that MySpace is currently raking in around $25million a month in advertising revenue.

That's a hell of a lot of ugly, flashing and rather annoying banner ads in anyone's language.

The MySpace people are also predicting revenue growth of some 30% per quarter.

No wonder old Rupert Murdoch was so keen to add it to his empire.