MySpace shrinks as Facebook, Twitter and Bebo grab its users

The “Place for Friends” is starting to feel lonely. MySpace, the Rupert Murdoch-owned website once synonymous with social networking, is losing popularity and key staff in its biggest troubles since launching five years ago

…The “Place for Friends” is starting to feel lonely. MySpace, the Rupert Murdoch-owned website once synonymous with social networking, is losing popularity and key staff in its biggest troubles since launching five years ago.Latest figures show that Murdoch is being beaten in the fight for social networks. MySpace suffered a drop in visitor traffic last month and is now less than half the size of its younger rival, Facebook. Three executives recently quit the one-time darling of the internet and there is speculation its co-founders will follow.MySpace’s loss of status as the cool place to be is an object lesson in the notoriously fickle internet, where today’s cultural icon is tomorrow’s passing fad. From humble origins in 2003, the site led the so-called “Web 2.0″ revolution in which users could create their own profile pages and share content with friends. Murdoch’s purchase of MySpace for $580m was seen as a masterstroke as membership continued to soar, with celebrities and politicians joining the…

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MySpace shrinks as Facebook, Twitter and Bebo grab its users

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