Myspace on the brink?

Much has been made of Myspace’s apparent inability to keep up with the astonishing growth of Facebook. But now, even after a recent overhaul (video overview of new features), it appears Rupert Murdoch’s Newscorp are considering their options for the site which they bought for $580m just five years ago. In the interim it’s gone from being valued at $12bn to now being considered “a problem” by Chase Carey, Newscorp’s Chief Operating Officer.

He has described the losses made by the network as “neither acceptable or sustainable”, and when asked about if and when they would sell, or turn it round said: “It’s not years … we need to deal with this with urgency”, suggesting a closure, merger, or sale is imminent.

As the recent relaunch clearly didn’t have the desired effect, we may very well be looking at the sale, or even the closing, of Myspace?

It’s odd to think that just a few years ago most people couldn’t be serious about making or promoting music without a strategy that had Myspace at its very core. But now the world has very quickly become a different place.

So if Myspace closes down, what will take its place? Or is it a dead duck anyway, even if it decides to fight on? Who will become the “go-to” platform for music makers? Soundcloud? Bandcamp? Topspin?