Last week MySpace was sold in a deal that’s had the web buzzing with speculation about it’s future.

After months of trying to offload the failing site, News Corp. sold MySpace to ad network Specific Media for a fee of around $35m – a fraction of the $580m the company bought it for back in 2005.

It’s a deal that’s sure to leave a very sour taste in the mouth of Murdoch et al. but they may take some comfort in the fact it’s not the first time we’ve seen this happen. Remember Bebo? The teeny-bopper social network was snapped up by AOL in 2008 for $850m and sold only two years later for a measly $10m. Ouch.

So what next for MySpace – once the biggest social network in the world?

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Image credit – Bitterjug

Rumour has it MySpace is set to cut half of it’s remaining workforce which will reduce head count to under 250. It’s hard to believe that 2 years ago MySpace employed upwards of 1,400 people.

With such established competition already dominating the social market it’s hard to see where the future of MySpace lies. Back in November 2010 MySpace was re-invented as a ‘social entertainment destination’ complete with slick new branding, new layout and a bunch of new features – a clear effort to steer away from the ‘social network’ label it always carried.

However, despite best efforts the uptake was poor and the site remains abandoned by all but a handful of it’s loyal users.

MySpace’s new owners have vowed to revive the MySpace brand (with the help of Justin Timberlake of all people). All we can say is good luck – they’re going to need it.

Can MySpace really be revived, or should the towel be thrown in now while there’s still a slither of dignity left? Answers on a postcard please…

  • Pramit Chatterjee

    I think other social networks should be made…myspace should be revived with better options and features because to tell the truth…Facebook is starting to get boring!!…

  • http://www.myspace.com/jimmylamarche Jim Lamarche

    Myspace has always been more FUN for me. I’m on Facebook now simply because that’s where everyone is. Myspace should be reworked into an artists forum specializing in music and visual art. What i loved the most about myspace was how it LOOKED and how you could customize the look and feel of your web space into something totally unique – alive in colour, texture and sonic discovery. Facebook IS boring – a place where kids can poke each other and send pictures to each other, spread gossip in a 2 dimensional social network that has the numbers but not the creativity.

  • valisha mitchell

    I agree with this guy it is boring on fb…myspace was the best..hopefully now that it has new owners it will be smart enough to let everyone have their old pages that is when we were all happy & logged on everyday to a page we all designed with lots of cool sweet comments that we recieved from all our friends & we got to have thousands….pls leave it alone once we get our pages made & we will come back full time!! diana<3
    guestbooks, where everyone can sign….music we can listen to..& i miss the videos too…

  • valisha mitchell

    PLEASE GIVE US OUR OLD MYSPACE BACK!!!!!

  • MySpace lover.

    MySpace’s redesign was just awful. They even copied Facebook by adding the “Like” feature to the site. The reason I was on MySpace was because I hated Facebook!

    Please, bring us back THIS MySpace: http://4.mshcdn.com/wp-content/uploads/2008/11/myspace_profile_20.jpg
    the one we all loved.

  • jose

    myspace wass way better then facebook i only changed to face book because everybody wen there but now ppl are leaving facebook now there going to twitter plus the new update for myspace was gay it killed it even more but i dnt think myspace is gona revive

  • Rhonda Fleming

    I miss MySpace! I hope the new owners will put everything back to how it used to be. Most of the users fled to Facebook when the final “update” finally made it impossible to navigate!