Can MySpace stage a comeback?

The former king of social networking was deposed by Facebook. Can it reinvent itself as an entertainment hub?

Myspace peaked in December 2008 with 76 million monthly users across the U.S. In September the site averaged 58 million.
(Image credit: myspace.com)

Facing large financial losses and a declining user base, MySpace is seeking to remake itself as an entertainment hub rather than a direct competitor to social networking titan Facebook. Parent company News Corp. hopes that a redesigned MySpace homepage offering quick access to the site's most popular music and videos will prove a strong draw to younger users. Will MySpace turn around its falling fortunes by becoming a "social entertainment" site? (Watch a promo for the new MySpace)

This bold move just might work: This is probably the "smartest move" MySpace could have made, says Devindra Hardawar at Venture Beat. "Instead of trying to compete with Facebook as a social network — a game Myspace has clearly lost" — MySpace is "bringing something new to the table." The new look "cleaner and more elegant" than its "nightmarish," user-unfriendly old design.

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