According to the Financial Times, Myspace is throwing in the towel in the fight against Facebook to become the most dominant social networking platform.
Now boasting three times the user base of Myspace, Facebook now holds 58 per cent of US social network traffic. Myspace’s share of the traffic is down to 30 per cent compared to 66 per cent just a year ago.
Myspace however remains a massive player on the web, still attracting over 100 million unique users. “Facebook is not our competition,” said Chief Executive Owen Van Natta, “We’re very focused on a different space.”
Having struck a deal with Apple to integrate iTunes into the website, Myspace’s future seems to be as an entertainment and music hub.
Van Natta is also looking to streamline the Myspace user experience, removing unpopular features such as the weather and classified sections, with aims to revamp the site with brand new features fitting this new direction for the company.