What a horrifying investment loss. What's even scarier is that Facebook and Twitter could easily suffer the same site-du-jour fate in the next couple of years. I think Twitter is already grossly over hyped by the media...BBC iPad App said:Latest statistics suggest attempts to kick new life into MySpace may be failing.
Tech industry analysts comScore say figures show MySpace lost more than 10 million unique users worldwide between January and February.
There were almost 63 million users of MySpace in February 2011, down from more than 73 million.
Year on year the site has lost almost 50 million users, down from close to 110 million in February 2010.
The loss of users comes despite a series of changes to the site to make it more about music.
It was the social network site that helped launch the careers of artists like Arctic Monkeys, Kate Nash and Lily Allen.
But so far this year MySpace has already announced plans to cut half its workforce.
Around 500 staff are going worldwide.
Five years ago it was booming and for many was the first place to visit to talk to friends and listen to music.
But the arrival of sites likes Facebook has changed the face of social networking.
In the UK, 2.3 million people used the site in February 2011.
Rupert Murdoch's News Corp bought the company for £330 million back in 2005.
If they were to sell today, they might get as little as £50 million for it.