The war of the social networking sites

Social networking sites have been lapped up by broadband users all around the world but the war of the social networking sites has seen one major site being trampled on by newcomers.

Over the past five years social networking sites have become huge across the globe, with broadband users in countries all over the world eagerly setting up accounts and using these sites to meet new people, communicate with friends, enjoy some entertainment, look at photos, listen to music and more. However, the battle between the different social networking sites has seen one major site losing customers hand over fist.

Up until a few years ago MySpace was the place to be if you wanted to be hip and with it. Everyone that was anyone had their own MySpace page and this hugely popular site launched the careers of a number of today’s top artists including the Arctic Monkeys and Lilly Allen. The site was so successful that in 2005 New Corp bought the site for a whopping £330 million. However, officials believe that today it would struggle to fetch £50 million.

Over the past few years sites such as Facebook and Twitter have emerged and taken the virtual world by storm, leaving the once majestic MySpace out in the cold. According to figures MySpace lost more than ten million unique users between January and February alone, and its figures have fallen from nearly one hundred and ten million users in February 2010 to just sixty three million in February of this year.

Mike Jones, the boos of MySpace, is said to have put a brave face on plummeting numbers, stating that the site was now am ‘entertainment destination’ rather than a social networking site.

Have you abandoned MySpace for other social networking sites? Let us know with your comments.

Source – BBC