Rupert Murdoch sold myspace for $38M after buying it for $580M back in 2006, making myspace the standard bearer for all upcoming disasters in the social networking world. Which appears to have had its moment and is beginning to subside into the sunset.
By now there are worlds of people who see social networking as a business proportion, a losing proposition. It is the Blue Man group question: what if they had a web site that's sole function was to take and share private info. How long can it last.
The multi billion downward trending Facebook offers another answer, maybe the same answer, once the dust settles.
Specific media, a digital advertising company, are, along with Justin Timberlake, the buyers of myspace.com and have plans for it which they plan to release later this summer. Quite what Timberlake brings to the table, I don't know either.
It hits me what they have done is bought a car and are remodeling it into a motorbike -something like that. They've bought it for the technology because there is no way they can make it viable as a website the way it was. Currently there are about 40M users and 500 employees.
It is currently bleeding money and needs a lot more than a lick of paint.