Turn the lights out, MySpace, the party's over

Nobody wants MySpace

Does anyone want MySpace? The fading social network continues its desperate quest to find new investors, but the situation looks bleak.

AllThingsD reports that News Corp., which bought MySpace for the what-were-they-thinking price of $580 million in 2005, is down to one potential investing group that may include Activision chairman and CEO Bobby Kotick.

Earlier this week, the Wall Street Journal reported that News Corp., unable to sell MySpace outright, was hoping to form a "strategic partnership" with a potential sucker...I mean, buyer.

News Corp. reportedly wanted $100 million for MySpace, but bids were coming in significantly lower, according to the WSJ.

Indeed, the value of MySpace is certainly far less than what News Corp. wants.

The social network, which switched to an entertainment focus in October 2010, may still draw crowds, but it's losing money.

Specifically, MySpace lost $165 million last quarter. And according to comScore, it attracted 37.1 million unique U.S. visitors in April, just over half of what it drew a year earlier.

In January, MySpace cut 500 jobs worldwide -- nearly half of its work force.

Would you invest in this business? I didn't think so.

If ever there was a time for a MySpace Death Watch, this is it. Rather than undergoing a miraculous recovery, MySpace is more like to follow Friendster and Bebo into social network oblivion.

Contact Jeff Bertolucci via Twitter (@jbertolucci) or at jbertolucci.blogspot.com.

Join the newsletter!

Or
Error: Please check your email address.
Rocket to Success - Your 10 Tips for Smarter ERP System Selection

Tags social mediainternetsocial networksInternet-based applications and servicesMySpace.comNews Corp.

Keep up with the latest tech news, reviews and previews by subscribing to the Good Gear Guide newsletter.

Jeff Bertolucci

PC World (US online)
Show Comments

Brand Post

Most Popular Reviews

Latest Articles

Resources

PCW Evaluation Team

Andrew Teoh

Brother MFC-L9570CDW Multifunction Printer

Touch screen visibility and operation was great and easy to navigate. Each menu and sub-menu was in an understandable order and category

Louise Coady

Brother MFC-L9570CDW Multifunction Printer

The printer was convenient, produced clear and vibrant images and was very easy to use

Edwina Hargreaves

WD My Cloud Home

I would recommend this device for families and small businesses who want one safe place to store all their important digital content and a way to easily share it with friends, family, business partners, or customers.

Walid Mikhael

Brother QL-820NWB Professional Label Printer

It’s easy to set up, it’s compact and quiet when printing and to top if off, the print quality is excellent. This is hands down the best printer I’ve used for printing labels.

Ben Ramsden

Sharp PN-40TC1 Huddle Board

Brainstorming, innovation, problem solving, and negotiation have all become much more productive and valuable if people can easily collaborate in real time with minimal friction.

Sarah Ieroianni

Brother QL-820NWB Professional Label Printer

The print quality also does not disappoint, it’s clear, bold, doesn’t smudge and the text is perfectly sized.

Featured Content

Latest Jobs

Don’t have an account? Sign up here

Don't have an account? Sign up now

Forgot password?