It’s no secret that MySpace has been flailing for quite some time; therefore, it is not that great of a surprise that News Corporation has finally decided to get rid of the fledgling social networking website by selling to Specific Media the advertising firm for a very low $35 million. This is a large loss for News Corp given the fact that when they purchased it in 2005 they paid a much larger $580m for the website, however, since then most of the networks users and advertisers have jumped ship and decided to utilize rival sites such as Twitter and Facebook.
According to Specific Media, the company believes that they will be able to turn MySpace back around given the fact that Justin Timberlake is going to jump in an place a large stake in the business working to help turn around the strategy and creative direction of the website. It is still a great platform that allows virtually anyone with a light laptop and a bit of creativity to share their music with the world pretty instantaneously. An official statement from Specific Media claims that the company will combine platforms in order to build a new innovative site that will help bring about a new digital generational milestone. Given the fact that web traffic and users have been falling steadily over the last six years this will be quite a challenge for the new owners.