Myspace Loses 10 Million Users In One Month
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Friday, 25 March 2011 |
Written by James Conlon
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Myspace saw its heaviest ever user loss last month, losing 10 million users in just four weeks. According to a report in The Telegraph yesterday, the social networking site fell from 73 million to 63 million users between January and February this year.
The loss follows another round of large-scale redundancies for the company, blaming the growth of other media locations such as Facebook for the decline. According to the report, parent company News Corporation are reportedly trying to sell off the failing website, which they had attempted to rejuvenate through a focus on entertainment services such as the Myspace music streaming service.
A large amount of the website’s traffic flow currently comes from the site’s artist pages, and many of the world’s top musical acts still upload their content onto the social networking site. Mike Jones, Chief Executive of the company, has said: “MySpace is a not a social network anymore. It is now a social entertainment destination.”
Speaking to the newspaper, a senior digital executive from the company said: “MySpace lost $100 million in the first quarter last year. To get it back on track is going to require a massive investment – one which News Corporation it not prepared to make. It has many other priorities to put its money into. So instead, it needs to keep taking costs out of the business while it's still in its hands.”
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