In 2005 many analysts saw News Corps’ $580 million buyout of social network MySpace as a huge success when the company more than doubled their monthly traffic numberx from 20 million to 70 million users during the first year of acquisition and now just six years later the company has announced the sale of the one-time media darling for $35 million.
The social network was picked up on Wednesday by Specific Media with Specific CEO Tim Vanderhook noting:
“Myspace is a recognized leader that has pioneered the social media space. The company has transformed the ways in which audiences discover, consume and engage with content online.”
After being purchased by News Corp. the site underwent a major site redesign as they continued to bleed up to 1 million users per month from the company’s highest levels witnessed in December 2008. While new features were added to the network and more emphasis was placed on artists and musicians the company failed to gain the mass appeal they once held.
For their part Specific Media, a digital media company has promised to continue in Myspace’s current direction.
Vanderhook continued: [Read more…]