In 2005 News Corp. purchased the social network for $580 million (£348 million).

In 2009 MySpace traffic took a big hit, plummeting as users left it for the now more preferred Facebook. It never managed to recover from that even after several revamps, added features and a whole new layout. Maybe now they’ve realised people are just fickle when it comes to their technological obsessions and if they’d invested in other more important parts of the site that would make it faster, less confusing and less spammy (I usually got 10 friend requests a day from random sleazy strangers).

Alas it is too late now for MySpace, they’ve now become the laughing stock of Social Media.  So now after axing over 500 jobs in January and investing some $275 million (£165 million) into restructuring the company Murdoch’s media giant has realised it’s just not worth it and is trying to get al least $100 million  (£60 million) for it.

The only way any one can turn a profit from a deal like that is to take the existing application, make it better and re-brand it because MySpace is most definitely dead.