Specific Media buys Myspace for $35 million

Myspace has been sold to a digital advertising company after months of speculation about its future new owner.

It was announced today that digital ad network Specific Media acquired Myspace for a figure that was close to $35 million. While Myspace may have suffered a steady decline in recent years, it is not the only social network feeling the pinch. Triumphant and unbeatable Facebook is also losing members in the US, and has notably passed saturation point and its inevitable dip. The nature and high speed pace of change on the web is making it more difficult for other social networks to even make an impact as new technologies continue to alter our needs. With iPads and Iphones selling by the truck load in many markets, the web is going micro, but will social media have a home on the go?

Well, as for the price tag for Myspace, $35 million is a bargain compared to its initial purchase price tag of $580 million, a bet that proved catastrophic for News Corp.

Even though Myspace is widely seen as 'yesterday's social network' it still has close to 130 million members according to CNN. This makes it a formidable marketing engine for advertisers, and will prove its worth in the market. However, for Specific Media, turning a profit on a brand that is struggling to maintain its once dominant presence, won't be easy.