Since its launch in August 2003, MySpace has grown into a 66 million user social network. Originally the largest of the social sites on the Internet, the struggling site has been completely overshadowed by Facebook, which now houses a monstrous 500 million users. Purchased back in 2005 for $580 million by News Corp, MySpace seemed like a good deal.
But, times have changed. MySpace has since been forced to re-brand itself as a music and entertainment network. Unfortunately, the shift in focus hasn"t been so glorious for the struggling site. According to Guardian UK, News Corp, the parent company of MySpace, has put the site on notice. President, Chase Carey, said that the site "is a problem" and that its "traffic numbers are still not going in the right direction."
It seems that MySpace added a $30 million loss to News Corp"s quarter. News Corp has made it clear that the loss is "neither acceptable or sustainable." Thankfully, News Corp as a whole is still making money. However, at this rate, it seems that MySpace may be doomed to fail. Should things not improve rapidly, News Corp will be forced to shut the doors on one of the most famous and influential sites of our generation. Is it possible for the dying site to turn itself around? Anything can happen, but without a brilliantly ingenious new game plan, salvation seems like a long shot.