Comscore's latest Media Metrix table shows that the website has lost a staggering 50 million users since last February 2010 despite numerous attempts by its owner News to add features that would stem the flood of visitors moving to its rivals like Facebook or Twitter.
Myspace has been credited with launching the careers of many music heavyweights like Arctic Monkeys, Kate Nash and Lily Allen and the sale of the site back in 2005 to Rupert Murdoch's content media empire was seen by many, as the proof that Social Networking went mainstream.
Facebook is the culprit behind the slow demise of Myspace over the last five years which saw the former overtake the latter in April 2008 and grow to more than 500 million users by the beginning of 2011.
Myspace has been credited with launching the careers of many music heavyweights like Arctic Monkeys, Kate Nash and Lily Allen and the sale of the site back in 2005 to Rupert Murdoch's content media empire was seen by many, as the proof that Social Networking went mainstream.
Facebook is the culprit behind the slow demise of Myspace over the last five years which saw the former overtake the latter in April 2008 and grow to more than 500 million users by the beginning of 2011.
The rise of Facebook crushed not only Myspace but also the likes of Friendsreunited and Bebo and the ultimate humiliation came as Myspace announced that it struck a deal with the enemy to "easily create a personalized stream of entertainment content".The company also has already laid off a number of employees and has renamed itself from being a social network to an "entertainment destination".
