MySpace has been sold to online advertising firm Specific Media by its erstwhile owners News Corporation. The social media website was bought by Rupert Murdoch’s News Corp for £361m in 2005, but in the last couple of years it has been left high and dry as users spent more time on Facebook and Twitter.
Specific Media say that Justin Timberlake will play a major role in assisting with the strategy and creative direction of the site.
When News Corp bought MySpace it was one of the leaders in social networking, but it could not sustain its position in the face of the leaps forward made by Facebook.
Specific Media will have to come up with a new niche for MySpace as it appears that it cannot compete in the same arena as Facebook. MySpace’s original thrust was in the music area and trying to push it as a competitor to Facebook as singularly failed, and its main use is now confusing. It needs a new definition.
Between 2005 and 2011 MySpace’s monthly US visitors have risen from 21.8 million to 24.9 million, but in the same period, Facebook’s monthly US visitors have rocketed from 8.3 million to 157.2 million.
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