When News Corp. (NASDAQ: NWS) bought MySpace.com for over $500 million back in 2005, some said it was the way Rupert Murdoch would charge into the digital media audience business in a big way. While that was true at the time, the digital world and its audience can become fickle and change rapidly as new web-based properties develop. It's pretty obvious by now that Facebook has leaped past MySpace and is "the place" to be when it comes to social networking interaction (although Twitter is garnering all the buzz presently).

Why Did MySpace lose its way? MySpace evolved to become a portal, offering music downloads and other goodies, while Facebook kept its social networking status as a place where friends and associates could virtually connect. And there you have it -- MySpace didn't evolve as trends were created and rapidly changed.

Continue reading News Corp.'s MySpace has cooled its heels, begins layoffs

News Corp.'s MySpace has cooled its heels, begins layoffs originally appeared on BloggingStocks on Thu, 18 Jun 2009 12:30:00 EST. Please see our terms for use of feeds.