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In a video conference from Los Angeles, MySpace CEO Chris DeWolfe told Reuters Media Summit that despite the current economic conditions the social network is growing. MySpace is currently the world’s largest social network and is supported by ads. DeWolfe said:

Our revenue and profits are significant and they continue to grow in spite of the poor economy.

We haven’t really seen any impact, other than we think we could have grown even more than we have. We see a lot of companies switching dollars from offline media to online media, which is good for us.