MySpace attempts to hits FaceBook where it hurts

There is finally some good news on the MySpace front. Things have been rocky since FaceBook paced them in users. The worldwide count today stands at 200+ million for FaceBook to MySpace 130 million. MySpace is still the largest social network in the United States, with 70 million users a month, but FaceBook is catching up quickly with 61 million. This hold is due to MySpace Music which could be the thing that keeps MySpace alive, FaceBook lacks a music player and relies on third parties to create them for members to download. MySpace revenue is estimated to be nearly three times FaceBook, claiming revenue of $585 million in 2008. FaceBook is not the only challenge, several other sites offer similar free music streaming online, including AOL, Yahoo, MTV, Pandora, and imeem. MySpace Music is a work in progress, and promising four or five “cool and evolutionary” improvements each quarter. There are indications that the service is gaining traction. MySpace Music had 20 million U.S. users in March, up 30 percent from a year earlier. That has jumped MySpace from fifth to second place among the music entertainment sites, behind only AOL with 21 million. MySpace Music has managed to gain an edge in some important ways. The site secured exclusive early free streaming rights for high-profile new album releases. As big as these two social networks are the one that can be flexible enough to keep given people what they want will continue to grow.

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