MySpace, once valued at $12billion and hailed as the most popular social network in the world, has been sold for $35m.
When News Corporation bought the site in 2005, it hoped to capitalise on the emerging trend of social media.
But despite re-designs, huge marketing campaigns and millions of dollars of investment, News Corp has ditched the site.
Advertising network Specific Media has snapped up the site, with pop star Justin Timberlake apparently buying stock in the brand too.
At its peak, MySpace had 70million users worldwide, sharing music and video. Many profiles were for musicians and bands – and it was attributed to the success of several stars, including Lily Allen.
But the site didn’t capitalise enough on its social side – posting comments was often clunky and created a one-way conversation.
Within just two years of News Corp’s acquisition, Facebook had started to gain huge popularity, and, just six years later, its membership has swollen to ten times that of MySpace at its peak.
Facebook’s rise saw users ditch MySpace, and, in turn, so did the online advertisers.
The terms of the deal have not been made public, but it’s believed News Corp lost around $1bn over the course of its ownership.
Social media news brought to you directly from ContentVOX, the news feed specialists.