MySpace Close to Selling for $30 Million

The slow goodbye to MySpace?

Things change. People move on. Social media platforms rise and fall on the fickle tides. And MySpace, the once ubiquitous promotional tool for bands and musicians, has been losing the popularity contest it’s been fighting for half a decade with companies like Facebook, Twitter, and LinkedIn.

You all remember Tom Anderson, right? He was probably your first friend on MySpace. Back in 2005, he and his co-founder Chris DeWolfe sold MySpace to Rupert Murdoch’s NewsCorp (Fox News, New York Post, etc.) for $580 million. Those were glorious days. Simpler times. Before the constant spamming. Before the ad blitz of gyrating ladies and American Apparel ad nauseum.

Let the bidding begin!

Today, it is rumored that NewsCorp, who’d hoped to unload MySpace for $100 million, started the bidding at $30 million (only 5% of its $580 million purchase-price). According to AllThingsD.com, the two potential buyers are Specific Media and Golden Gate Capital. MySpace is also staring down sizable layoffs.

Can the new owners reverse course? Will they be able to bring users back to the once-obligatory social site? Bloomberg Businessweek has the whole story HERE.

Musicians, how important is MySpace to you? Is it still a vital piece in your music promotion?

We’d love to hear your thoughts in the comments section below.

-Chris R. at CD Baby

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