Social Notworking site MySpace has lost half of its members which is a good indication that everything is doomed.
The new figures reveal that MySpace’s audience numbers dropped by 49 per cent over the last year, falling from 6.5 million visitors in May 2009, to just 3.3 million in May 2010. Meanwhile the site’s major rival, Facebook, announced that it hit 500 million registered users this week.
MySpace, founded in 2003, at its peak had more than 100 million registered members, but its audience has been declining since the rise of Facebook in 2008. MySpace’s decline is in spite of a revamp of the site’s functionality and a highly publicised move to supplying music and entertainment. The site launched MySpace Music in May 2010, a new streaming and subscription service, which has faced stiff competition from the likes of Spotify and We7.
Rupert Murdoch’s News Corp bought the site for $580 million in 2005, has also lost two chiefs executives in the last six months. It is not clear if it is losing much dosh though.