MySpace Auditions Quartet

Four agencies are competing for the chance to help rebrand MySpace as the beleaguered social-networking site gears up for a relaunch later this year.

New York agencies Bartle Bogle Hegarty and Droga5, Pereira & O’Dell of San Francisco and Los Angeles-based Goodness Mfg. made final presentations last week, sources said.

The review for the News Corp.-owned property is being led by consultancy Select Resources International in Santa Monica, Calif., a client representative confirmed. The rep said the winning shop will fashion a branding campaign, but declined to disclose other details or confirm the finalists.

Sources expect a decision later this week.

MySpace is seeking a consumer-facing campaign to reboot its business as it rolls out a revamped Web site in late fall.

Once the darling of the social networking space, MySpace has seen its stature erode as rivals like Facebook and Twitter have taken center stage.

As of June, the site’s unique audience was 46.5 million, down 26 percent from the same period last year, according to Nielsen. By contrast, Facebook has grown its audience to 127 million in the U.S., a 46 percent increase over last year. Just four years ago, MySpace was the social networking leader. Still popular with bands, the site has made some effort of late to play up its ties to the music biz and leverage that as a point of differentiation.

In 2009, MySpace spent just $2 million on advertising, excluding online, per Nielsen. From January to May this year, the company spent $200,000. There is no paid-media estimate going forward.