Riches to Rags: MySpace SoldFor $30 Million

News Corp had bought MySpace, for a jaw-
dropping price of $580 million. Today, News
Corp has sold of MySpace for a surprisingly low
price of $30 million. This makes it one of the
biggest riches to rags story on the internet.
Specific Media, a company into online brand
advertising has coughed up the $30 million for
purchasing MySpace.
What will happen to MySpace?
The details are still not crystal clear, but it is
certain that, MySpace will not survive as a social
network. It might be adapted into a social
advertising platform.
MySpace music is also one very successful free
music streaming services. It was probably one of
MySpace’s biggest positive.
A case for not selling out!
When Facebook was still in its infancy and hardly
popular, MySpace ruled to social networking
world. It had a great buzz, but it died down
particularly after being bought by News Corp.
Orkut was bought by Google and its ascendancy
stopped.
Facebook founders never sold their company and
we see how it has continues to grow rapidly with
valuation in several billions.
Twitter have probably received offers to be
bought, but Twitter founders have resisted.
Going by how MySpace and Orkut worked out
after being acquired by larger companies, I guess
they are doing the right thing.
What are your views on the MySpace sale? Do
drop in your comments.