MySpace “In Freefall” as Marketshare Drops More Than 35% in Last Year

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By Joe Ciarallo Comment

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Internet monitoring company Hitwise released new data on the top social networks last week. As suspected, Facebook and Twitter experienced growth. In Facebook’s case, the network grew 190% over last year and now claims 58.6% market share in terms of total visitors to social networking sites.

Myspace on the other hand is “in freefall,” says CNET’s Greg Sandoval, citing a big drop in market share, from 66.8% to 30% over the last year.

Given this, the social networking site’s agency of record – Weber Shandwick – certainly faces challenges. We reached out to both the agency and MySpace internal PR, who have not responded as of the time of this post.