Fallen giant of the social networking world, Myspace, is up for sale once again and reports are that it could fetch its current owners ‘News Corporation’ over $100m.
Myspace was the pinnacle of social networking from 2006 to 2008, with it being valued at around $12bn at its peak in 2007, however it has since been overtaken by Facebook and draws less than 3million UK visits per month, as opposed to Facebook which regularly see’s 30million UK visitors.
It was purchased by News Corporation back in 2008 as Facebook began to take hold of the market, and the website was given a new direction and restyling, with more of an aim at entertainment, and more specifically, a platform to discover new music. This however has not saved the network as its demise continues – with the sacking of 500 staff worldwide earlier this year showing the extent of the misery.
News Corp claim that there is still lots of money to be made through advertising on the website, although whether anyone really will take that word and come up with $100million (£61million) or over for a clearly falling website remains to be seen.
Whilst Myspace may be declining however, Facebook and Twitter continue to stay strong, so if you would like more information about getting social media marketing and how it could help your business, then please call the team on 01623 650333.