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Category: SocialMedia

MySpace Now For Sale

Written on April 27, 2011 by R. Depp

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The bidding for News Corp.’s MySpace has officially begun.

A number of venture capital firms and other companies are seen to bid for .’s site, .

MySpace, now considered as the one of the company’s disappointing properties, was recently declared for sale in an earnings call last February. In spite of numerous lay offs and revamps done in the site, News Corp. “recorded a $275 million pre-tax charge for the impairment of goodwill related to the Digital Media Group and an organizational restructuring at MySpace.”

MySpace was bought by New Corp. for $580 million back in 2005. at that time was barely 2 years old and hadn’t even acquired the .com URL yet. In a report by Mashable, even as late as 2007, ’s traffic was disappointing when compared to traffic on MySpace.

“All that changed quickly. MySpace users began abandoning ship for Facebook and, in late 2009, site traffic took a dive from which it never really recovered. By 2010, even relative upstart Twitter was getting more traffic than MySpace,” writes Mashable’s Jolie O’Dell.

Everyone has indeed shifted loyalties in the world of social networks, where Facebook now reigns over everyone else. Even , over its loss of user loyalty is reportedly doing a site revamp, also shifting from social networking to just games and entertainment.

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    Wait, what, what’s Myspace?

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