Ha! Should we laugh, or cry? Kara Swisher at All Things D reposts that NewsCorp's My Space is to be sold for $20-$30 million. That's about $2 million less than Shazam just secured in their latest round of financing. This has GOT to be painful for Rupert Murdoch who paid $580 million for it just six years ago. They had been shooting for as much as $100 million but that apparently ain't happenin.
So who's after the birthplace of social media which fell so quickly from grace to the level of "my father's Oldsmobile"? (Hey! Oldsmobile ain't around any longer either, ar they?) The prospective purchasers are named as Golden Gate Capital, a PE firm with $9 billion under management, and ad network, Specific Media.
I find it truly amazing how MySpace has even tried to limp along. Should the sale go thru I'm sure the new owners will revamp the platform and advertising possibilities into something completely different. The brand is dead and nobody's interested (well not enough of them). Personally, I never got MySpace. What started out as a social niche for music interests was just never elegant, or simple, or entertaining. I always found it too cluttered an messy - something that Facebook took advantage of in their original form. Simple, clean, straightforward. Zuckerberg should learn a lesson or two from MySpace. If he and his developers clutter up Facebook with too many points in too many directions - people will leave.
Adios MySpace. I'd say I was sad to see you go but I had forgotten about you long ago.
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