News Corp Lets Go — MySpace Gets Purchased by Specific Media

News Corp has sold MySpace to Specific Media, a digital media company.  The deals’ details were not disclosed, but reports are speculating that it’s in the $35 million area.  This ends an era for the once social networking leader.

We are looking forward to seeing what MySpace does in the future, and if they are able to turn their service around to create a better sense of community, discovery and play.  The company, which used to be regularly reported as “Facebook’s rival” has long since been abandoned by its mainly teen demographic.  One of the key differences between it and Facebook was the use of real names, and that seemed to ensure that Facebook maintained the value of each profile, whereas MySpace profiles became flooded with anonymous and random users.

MySpace’s greatest failure was to not capitalize on their site as being a destination for music lovers.  The site could have reorganized more completely than it did in 2010, and focused purely on music.  If it had been a Last.fm competitor, maybe it’s fate wouldn’t be as it is right now: many layoffs and a wholesale.

“Myspace is a recognized leader that has pioneered the social media space. The company has transformed the ways in which audiences discover, consume and engage with content online,” said Tim Vanderhook, Specific Media CEO. “There are many synergies between our companies as we are both focused on enhancing digital media experiences by fueling connections with relevance and interest. We look forward to combining our platforms to drive the next generation of digital innovation.”