MySpace co-founder Chris DeWolfe believes its music program, gaming channels and other newer features, coupled with its revenue potential via homepage ads, mobile and "hyper-local" ads, can make it a strong -- and potentially more profitable -- rival to social net Facebook. "I don't know Facebook's profitability," DeWolfe said. "But if I could have 300 million people using MySpace or be profitable, I would take profitability."

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