MySpace- which has become the token example of network failure- shall meet its fate later this month, according to News Corp’s media chief Jim Miller.
MySpace rapidly rose to prominence globally, but was overtaken by Facebook in April of 2008. Since then, the fiery decline of the site has been an ongoing train wreck spectacle in the social media sphere amid the company’s desperate attempts at reinvention. Originally purchased by News Corp. for $580 million in 2005, the site has been recently shopped around at an embarrassing $100 million- not counting the money it loses each year- and there have still been no takers willing to assume the tarnished network and attempt to ameliorate its losery image.
It seems the long, sad and sordid tale of MySpace may be approaching its natural end, with a “come to Jesus” moment for the ailing social network confirmed by Miller- who said in an interview at the All Things D Conference that the two week deadline was set. It will be difficult to imagine MySpace rehabbing its brand, or any specific outcome that is not related to a slow and painful death. Do you think MySpace will join the ranks of dead, once prominent web brands, or could you see it getting to a point where it’s relevant again?