Oh, the irony of coming full circle. The Wall Street Journal points out the news of a MySpace sale of their flagging web site, as it's currently being shopped around to a list of potential buyers that include one of the original MySpace founders, Chris DeWolfe. Other potential buyers include Google video network Vevo, Chinese Internet company Tencent Holding, venture capitalists Criterion Capital Partners LLC and more.
MySpace traffic has been imploding as of recently, so whoever buys it will need to do a bang-up job of turning the site into something exciting. MySpace is also facing the possible layoffs (a continuing saga) of more employees, which will probably be based on which buyer gets to purchase MySpace and what their demands are. Things don't look good for employees though, as declining traffic means declining ad revenue, which points to bringing costs in line with the amount of money being made, which points to MySpace layoffs.
MySpace has gone through some valiant efforts as of the past two years, including a MySpace Music redesign. When NewsCorp took over MySpace, there was a big public fear that they would change and 'corporatize' the site. As a result, they left MySpace alone, hoping to retain users. The result? The exodus began as people realized over time that MySpace was becoming stale. Strange irony.
Now that MySpace is for sale, the news of layoffs doesn't seem suprising. What this means for MySpace Music employees is unclear.
Check out more about steaming media sites in the Spacelab Streaming Media Guide.