MySpace to Hit the Auction Block This Week, What's It Worth?
MySpace to Hit the Auction Block This Week, What's It Worth?
Posted 04/27/2011 at 7:50am
| by Paul Lilly
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It's no secret that News Corp. wants to wipe its hands of MySpace, the once popular digital playground that's seen all the cool kids pick up their gear and head over to that other social networking website, the one with over 500 million members. The question is, how much can News Corp. get for MySpace? That will depend on whether or not there are any buyers to begin with, which News Corp. will reportedly find out later this week as it puts MySpace up on the auction block.
According to The Wall Street Journal, which is owned by News Corp., an un-named potential buyer said News Corp. is looking to get at least $100 million for MySpace, after having purchased the social networking site for $580 million back in 2005.
Still too steep? We won't know until the bidding begins, but working against News Corp. is the fact that MySpace is posting its lowest numbers since February 2006. Despite a recent restructuring that has MySpace pitching itself as a sort of music and entertainment hub, MySpace's traffic is way down, dropping nearly 50 percent from a year ago to 36.1 million unique U.S. visitors, according to data obtained from comScore.
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Eoraptor
April 27, 2011 at 10:54am
"It's worth what it's purchaser will pay" to quote Leonard Nimoy's narration in my Civ IV game.
Someone who knows a lick about social netowrking (IE not me) could buy it cheap and turn it into a profitable and thriving venture with the right moves.
Or they could just buy it, sell off the hardware, and license the name the way so many former industry titans have...
ShyLinuxGuy
April 27, 2011 at 10:37am
Myspace reminds me of those ghost towns I've seen in Nevada and Arizona. They were the big stuff back then, and now, there's nobody there and it's largely abandoned. Myspace was very popular in 2005-2007, but nobody uses it now because of Facebook, but Facebook will have to face a bigger and better social networking site sooner or later, and could end up like Myspace.
btw, Myspace is probably worth $1-4 million. It's not worth buying though, nobody in their right mind would buy it, it had a chance against FB, but lost. So maybe it should just sell assets, and dissolve the actual business.
d3v
April 27, 2011 at 9:16am
I'd like to see china's tencent buy myspace. Now they know how to make money off social networking.
AETAaAS
April 27, 2011 at 9:28am
I think it's because they know how to make money that they would avoid buying MySpace like it's a bloated whale carcass. :p
I Jedi
April 27, 2011 at 7:56am
"Myspace to hit auction block this week. What's it worth?"
About three-fifty
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