MySpace’s chief executive said Tuesday the U.S. networking Web site is poised to thrive in the South Korean market because it pays more attention to local culture than its competitors. Speaking after the launch of MySpace’s Korean-language version in Seoul, Chris DeWolfe said he was confident about the site’s prospects in a country that has proved difficult for foreign online services such as Google Inc. He noted the Korean-language site included a new feature, “Minilog,” a way for Korean youths to jot down everyday thoughts and feelings in a few hundred characters.

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