Not unless they have a ton of traffic. Generally I think they make 2-6 cents a click, so you'll need a boatload of visitors to rake in any significant profit.
myspace is just the new "get laid" site The maker is banking off of it on everything now adays. The ads give him money, he now has myspace mobile if you've seen the helio.com commercials. myspace im, they mention it on scary movie 4. It's just the new fling. An interactive blog/site you can personalize.
As said, doesn't make much unless you get at on of traffic. 2 - 6 cents per click is pretty accurate.
He probably wants to take advantage while its still hot. The guy you are mentioning is actually Rupert Murdoch. News Corp. owns Myspace.
I think the next person to come up with a non resource, interactive website that is perfectly geared towards the myspace audience will bank on it. Then hundreds will try to replicate it...hmmmm...maybe that person will be me!! Yeah right!! Wish I had that next great idea with tons of groupies following behind... just kidding.
Ranking top qo for good keywords such as "myspace" and "myspace layouts" or "free myspace layouts" is quite difficult butthat is where most of the money is if you can get int the top ten for any one of those terms.
PPC for myspace related ads is low, but just decent blending on myspace related websites usually give high CTR. Most myspace resource sites look like total garbage, but still make a few bucks at least.