Riches to Rags: MySpace Sold For $30 Million!

MySpace_Sold_33_millionNews Corp had bought MySpace, for a jaw-dropping price of $580 million. Today, News Corp has sold of MySpace for a surprisingly low price of $30 million. This makes it one of the biggest riches to rags story on the internet.

Specific Media, a company into online brand advertising has coughed up the $30 million for purchasing MySpace.

What will happen to MySpace?

The details are still not crystal clear, but it is certain that, MySpace will not survive as a social network. It might be adapted into a social advertising platform.

MySpace music is also one very successful free music streaming services. It was probably one of MySpace’s biggest positive.

A case for not selling out!

When Facebook was still in its infancy and hardly popular, MySpace ruled to social networking world. It had a great buzz, but it died down particularly after being bought by News Corp.

Facebook founders never sold their company and we see how it has continues to grow rapidly with valuation in several billions.

Twitter have probably received offers to be bought, but Twitter founders have resisted. Going by how MySpace worked out after being acquired by a larger company, I guess they are doing the right thing.

What are your views on the MySpace sale? Do drop in your comments.

Source: MySpace Press


Abhishek Biswal June 30, 2011

Awesome! Well, Only the Celebrities sign up on MySpace! And I liked your Post Title: Riches To Rags!

Aditya Kane June 30, 2011

@Abhishek: Thanks. I thought even celebs have left MySpace and gone to Twitter. 😉