Whatever happened to MySpace?

Big M finally let go of social networking site MySpace. Bought for $US580 million, it’s reported Murdoch sold it for $US35 million. Projected revenues this year reported to be $US180 million weren’t enough to stave off the sale.

How much does it cost to run MySpace? How and why did Facebook kill MySpace? Why couldn’t Murdoch stop the massacre? Will Murdoch get a stake in the buyer, advertising network operator, Specific Media?

MySpace is also the home of MySpace Music that provides artists with a platform to reach new audiences. As a backer of Specific Media, Justin Timberlake’s role in the shuffle will be interesting to watch.

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