Bill-O-Reilly-Freaks-Out (1)Are you ready for O’ReillyVille? OK, maybe not, but News Corp has announced that they are aiming to build their own social games company. This was announced by Jonathan Miller, News Corp’s head of digital media, to Reuters today.

This is not going to be focused on MySpace, but rather will work with Making Fun and IGN, two of News Corp’s gaming properties. IGN in particular is a massive gaming network with blogs of experts that cover every gaming niche. It is a highly respected publication among gamers and the brand value could mean that the games get a nice head start on launch. Surely, the IGN news network will cover the heck out of the launch, and that kind of buzz is key for building critical mass in social games.

“Social gaming has a business model. People who play FarmVille actually spend real money to buy virtual food or whatever it may be for their pig. Most people don’t but enough do so that it’s a real business.”

The Reuters article goes on to discuss how News Corp has evaluated Zynga and the possible strategic elements of social gaming. Check it out.