It would appear that News Corp. has finally had enough with coddling MySpace and they’re set to cut it free as early as this Wednesday. The problem is, it doesn’t seem that a whole lot of people want it.
Back in July 2005, Rupert Murdoch’s News Corp. purchased MySpace for $580 million. It seemed like a good deal at the time because it was the king of the social networking scene, and Facebook was just some little exclusive site for some college kids. We all know how this has shaken out now, and MySpace has retooled itself as a music and entertainment hub, but with declining ad revenues, it seems News Corp. has had its fill of trying to make a go of this any more.
The problem is, it appears there isn’t a whole lot of interest in purchasing it. According to BoomTown, there are about a dozen interested parties, including Vevo, the music site made up of multiple record labels, but beyond that it is slim pickings. There are some private equity companies looking into it, but no signs of large companies who have been rumored to buy the site at various times such as social game maker Zynga, Google or even Facebook. It would seem there just isn’t a whole lot of interest in buying up a social network that has lost a significant portion of its traffic despite a major redesign and has ad revenue dropping off like flies.
No matter how much of a king maker the site once was (remember, it gave the world Tila Tequila due to her insane amount of “friends” on there), the luster has definitely come off the site. It’ll be interesting to see how much it ends up selling for.
What do you think? Should anyone even bother buying MySpace at this point?