Turn the lights out, MySpace, the party's over

Nobody wants MySpace

Does anyone want MySpace? The fading social network continues its desperate quest to find new investors, but the situation looks bleak.

AllThingsD reports that News Corp., which bought MySpace for the what-were-they-thinking price of $580 million in 2005, is down to one potential investing group that may include Activision chairman and CEO Bobby Kotick.

Earlier this week, the Wall Street Journal reported that News Corp., unable to sell MySpace outright, was hoping to form a "strategic partnership" with a potential sucker...I mean, buyer.

News Corp. reportedly wanted $100 million for MySpace, but bids were coming in significantly lower, according to the WSJ.

Indeed, the value of MySpace is certainly far less than what News Corp. wants.

The social network, which switched to an entertainment focus in October 2010, may still draw crowds, but it's losing money.

Specifically, MySpace lost $165 million last quarter. And according to comScore, it attracted 37.1 million unique U.S. visitors in April, just over half of what it drew a year earlier.

In January, MySpace cut 500 jobs worldwide -- nearly half of its work force.

Would you invest in this business? I didn't think so.

If ever there was a time for a MySpace Death Watch, this is it. Rather than undergoing a miraculous recovery, MySpace is more like to follow Friendster and Bebo into social network oblivion.

Contact Jeff Bertolucci via Twitter (@jbertolucci) or at jbertolucci.blogspot.com.

Join the newsletter!

Or

Sign up to gain exclusive access to email subscriptions, event invitations, competitions, giveaways, and much more.

Membership is free, and your security and privacy remain protected. View our privacy policy before signing up.

Error: Please check your email address.

Tags social mediainternetsocial networksInternet-based applications and servicesMySpace.comNews Corp.

Keep up with the latest tech news, reviews and previews by subscribing to the Good Gear Guide newsletter.

Jeff Bertolucci

PC World (US online)
Show Comments

Essentials

Brother MFC-L3745CDW Colour Laser Multifunction

Learn more >

Mobile

Exec

Sony WH-1000XM4 Wireless Noise Cancelling Headphones

Learn more >

Budget

Back To Business Guide

Click for more ›

Brand Post

Most Popular Reviews

Latest Articles

Resources

PCW Evaluation Team

Tom Pope

Dynabook Portégé X30L-G

Ultimately this laptop has achieved everything I would hope for in a laptop for work, while fitting that into a form factor and weight that is remarkable.

Tom Sellers

MSI P65

This smart laptop was enjoyable to use and great to work on – creating content was super simple.

Lolita Wang

MSI GT76

It really doesn’t get more “gaming laptop” than this.

Jack Jeffries

MSI GS75

As the Maserati or BMW of laptops, it would fit perfectly in the hands of a professional needing firepower under the hood, sophistication and class on the surface, and gaming prowess (sports mode if you will) in between.

Taylor Carr

MSI PS63

The MSI PS63 is an amazing laptop and I would definitely consider buying one in the future.

Christopher Low

Brother RJ-4230B

This small mobile printer is exactly what I need for invoicing and other jobs such as sending fellow tradesman details or step-by-step instructions that I can easily print off from my phone or the Web.

Featured Content

Product Launch Showcase

Don’t have an account? Sign up here

Don't have an account? Sign up now

Forgot password?