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Poor MySpace. NewsCorp thought it was getting a bargain when it nabbed MySpace, once the top social networking site, for a paltry $580 million. Now, it looks like Rupert Murdoch has only been able to wrangle one potentially interested buyer for the site. All Things Digital writer Kara Swisher reports that "the main bidder is a dark horse bidding group, which includes Activision Chairman and CEO Bobby Kotick as one of the potential investors." Though MySpace's final selling price is still unknown as of now, Swisher insists that "one thing is certain: It is nowhere near the $100 million that News Corp. reportedly sought."
MySpace's outlook was not always so dismal. In 2006, when MySpace was named the most popular
social networking site, it's estimated value rose to $6 billion
. While RCB Capital Markets analyst David Banks considered the company worth only $5 billion
in 2007, MySpace's perceived heyday was still yet to come. TechCrunch's Michael Arrington calculated that, based on the "most valuable social network
's" high page view numbers, it was worth around $20 billion
. The next year, surpassed in popularity by Facebook, TechCrunch reevaluated the company's worth and brought it down to $6.5 billion
. Finally, in 2010, Business Insider ventured that NewsCorp stood to get anywhere from $500 million to $1.2 billion
for MySpace--"with the lower end being LESS than Rupert paid for it, and the upper end being twice what he paid for it (hardly the steal of the century)."
At a glance, MySpace's slow decline seems inverse to the success of its greatest competitor, Facebook. In fact, it almost is. We gathered MySpace's estimated values over the past seven years, averaging Business Insider's predicted range in 2010 to get $850 million, into a chart and combined it with one we made earlier this year
for Facebook's value changes over the same time period. Check out the disparity, below.
This article is from the archive of our partner The Wire.