MySpace squeezing the music-paste back into the tube
ADOTAS — The floundering social network started off as a entertainment and music place then expanded, now it’s future is tied to its past. No one knows if it can be done.
News Corp bought MySpace in 2005 for $580 million because of its attraction to younger Internet users. It recently ousted MySpace co-founder and CEO Chris DeWolfe and installed its own management team and has laid off more than 400 workers and abroad as it slims down.
The numbers show the uphill battle MySpace has. According to Hitwise, MySpace was once the most significant contributor of traffic to Entertainment – Mutlimedia sites (YouTube remains the #1 site in that category) providing over 35 percent of traffic to the category.
MySpace’s initial growth focused on community and music as well, according to Hitwise.
So can it put it’s soul back into music?
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