I love it when the Industry collaborates…[i]n the same 24-hour period, Google announced a new, hugely–ambitious social networking hub and NewsCorp announced that they had finally found some poor sucker willing to take MySpace off their hands at a fraction of their asking price and a fraction of a fraction of what they originally paid for it six years ago.
Don’t laugh at the company’s downfall, though. Do keep in mind that MySpace’s misfortune is also the misfortune of its users. Specific Media didn’t just purchase a social networking service. They also bought a community of users and an immense pile of data about their habits and connections.