MySpace Sold to Specific Media for $35 Million

How the once mighty have fallen. Remember when MySpace was the place to go for everything “social”? Well, those days are long over and now the site has been sold for quite a bargain price.

According to AllThingsD, Specific Media has acquired Myspace from News Corp. for $35 million. Which, as I said, is a real bargain considering NewsCorp paid $580 Million for it in 2005. I would call that a pretty big loss for NewsCorp. Myspace’s CEO, Mike Jones, will remain for “an interim period,” and the social network will lay off about 50% of its staff, which is around 200 people. Sorry to hear that.

MySpace’s decline in recent years is not really all that surprising considering how horrible the site is to navigate and, of course, due to the popularity of Facebook and Twitter. By comparison, Facebook looks like the most clean and easy to use UI ever invented, which we know isn’t really the case as it still has its share of problems as well.

Who knows, maybe MySpace will rebound and climb back out of the pit it finds itself in? Anything is possible and people do love an underdog. However, first order of business: a complete re-design. Then, we can talk.

    %d bloggers like this: