It’s hard to say that Rupert Murdoch’s $550m acquisition of MySpace in 2005 wasn’t a savvy move. Last year alone, despite missing revenue targets, MySpace pulled in more revenue than Murdoch paid to acquire the popular social network.
But all does not appear to be well at the world’s second-largest social network. Despite the fact that under News Corp., MySpace has become the
best-monetized social network, it has lost significant ground amongst
consumers. Last year Facebook surpassed it as the world’s largest social network
and it’s poised to become the largest social network in the United
States as well, a country that MySpace had previously dominated.