My, how MySpace has fallen down and down the rabbit hole of no return.
The site was briefly valued at $12 billion in 2007, whereas today MySpace will be lucky to sell for a fraction of the $580 million News Corp. paid for the site. Because the audience has fled to other, sunnier, shores.
According to The Telegraph, MySpace lost 10 million unique users between January and February of this year, going from 73 million to 63 million in a matter of four weeks.
This time last year, when the site began the first in a series of major relaunches, MySpace attracted 95 million unique users.
Parent company News Corporation is trying to sell off the ailing social network, but there’s not a lot of interest. Which reminds me how fluid brand building is today, and how accelerated the life cycle of a company can be. MySpace launched in 2003 as a virtual storage site, then made the change to social network in 2004. By 2005 the founders had a buyer in Rupert Murdoch.
I know Facebook now seems like an institution that will be around forever. Maybe it is and maybe it will be, but I wouldn’t put money on it.