Justin Timberlake (the movie star and pop music icon) partnered with Specific Media (the advertising targeting firm) to purchase MySpace social network for $35 million. The former owner of MySpace was Rupert Murdoch's News Corp. The Fox Network company’s owner previously bought MySpace for $580 million in 2005. With the sale, the current market value for the struggling social network has dropped about 94% from its original price tag.
MySpace was one of the most popular social networking in America until around 2008. After losing fans and its web traffic continued to drop, MySpace was no longer as a dominant player in America. Ever since, many users have moved to Facebook. Facebook is now the world’s most popular social network with over 700 million users. Facebook has over 150 million users in America alone.
(Left image: Justin Timberlake “Justified” music album, right image: specificmedia.com)