When News Corp. bought MySpace in July 2005, it was worth $580 million, at least to Rupert Murdoch. When it sold the site last June, to an advertising network owner called Specific Media, it was for a mere $35 million. In between those two events, another social network went from a few million users to more than 750 million. That network, of course, was Facebook, and, for all practical purposes, it killed MySpace.
So there’s a certain irony in today’s news that MySpace, under its new owners, is growing for the first time in years, having signed up 1 million new users over the past two months. That’s a meaningful uptick in usage, and Chris Vanderhook, MySpace’s COO, credits it largely to “integration with Facebook and Twitter.” In other words, Facebook has gone from MySpace killer to MySpace savior (potentially).
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