At it's core, MySpace was an entertainment site centered around music. It didn't do that well enough to maintain it's audience, since instead of improving its core value, it choose to try to be more of a general social network. However, that failed miserably with Facebook coming from nowhere to dwarf its huge initial lead in both visitors and revenue.
The sad part is, there's still no obvious successor for music, as Facebook still lacks many of the core assets that MySpace offers, despite some of the available music apps like RootMusic.
What's more, MySpace still has more than 80 million visitors per month, although that looks to be declining by between 5 and 10% a month.
MySpace held such promise, and delivered little of it. It's another example of a multinational company getting involved in the music business only to slowly run it into the ground. History repeats itself again.
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