A year ago Rupert Murdock’s News Corporation bought everybody’s favorite Web 2.0 punching bag MySpace for something in the neighborhood of half a billion dollars.

Several commentators at the time speculated whether a high profile, fast changing online community like that might change the old media outlook of News Corp.

Evidently not.

News Corporation is considering a spin-off print magazine for fans of its social networking website MySpace.

According to Adage.com, the potential MySpace magazine is likely to feature interesting MySpace members and their hobbies, from their taste in music to their social scene.

Should we also be watching for a MySpace cable channel in the near future? MySpace, The Movie?

Time/Warner recently killed their Teen People magazine due to falling circulation.

Other than that I have no data, but I do recall reading about the overall problems paper magazines aimed at those under 30 are having.

Maybe the aim of News Corp is to use the publication to bring new users to the site.

However, I wonder if people in the age group that are the most active users of MySpace will actually buy a dead-tree edition of the site.

myspace, news corp, magazines