It looks like MySpace is working on expanding its reach by buying the popular photo hosting website Photobucket for between $275 and $300 million US. Many are saying that this is a smart move for them as much of the MySpace user base uses Photobucket to push images to their MySpace accounts.

I am just in shock over the price. That’s ten times what Flickr was acquired for.

Not only that, but they have an amazing number of users, and they are even making money.

Photobucket generated $6.3 million in revenue last year and planned on hitting $25 million or more this year. They have 36 million registered users and add another 85,000 per day.

Source: TechCrunch

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