MySpace sells for $35 million USD
MySpace has been sold for $35 million USD to US company – Specific Media (www.specificmedia.com)
According to the press release MySpace is attracting 70 million users to the site, and 20 million of via a mobile devices.
News Corporation purchased MySpace in 2005 for $580 million USD, so this has been a total failure that the site has lost so much of it’s audience, revenue and reputation.
This is similar in ways when AOL purchased Bebo for $850 million, then sold it for $10 million.
Social Media disasters!
This just goes to show how quickly the social landscape can change, especially if product innovations don’t occur.