Overtaken by Facebook, My Space Days Numbered?

Written By Sam on 8 November 2010

Social networking platforms are spilling with the ever-increasing user numbers, but it seems that Facebook is taking the larger chunk of the share against all others in the market. This has affected New Corp’s MySpace as well and it may not be long before the company pulls the plug on MySpace if it doesn’t show promise soon.

MySpace has been working on re-inventing itself to meet popularity and profitability standards of Facebook, but it hasn’t really worked and there is still a lot to be achieved. President and COO, New Corp, Chase Carey is not happy with the losses the portal has incurred ever since it was acquired in 2005 for a whopping $580 million. News Corp is ready to give MySpace time within the next few quarters to show desired numbers based on the positive reviews to its re-launch and redesign.

In addition to being ruthlessly overtaken by Facebook, even the deal of merging MySpace with Yahoo did not follow through.

But with its existing tens of millions of users, MySpace still might make it through and does indicate the potential of getting back on track. This hasn’t deterred New Corp to give MySpace an ultimatum and they expect to see results sooner than later.

Being part of such a dynamic market, the tides can turn in favor of MySpace as swiftly as they turned against it and this is the phenomenon New Corp is hoping MySpace will be able to make the most of.

Though no timelines if shelving the portal have been communicated or shared by New Corp, but we can be sure that it would be sooner than later.

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