MySpace losing the race

Space Race

New figures released by Nielsen this week show that Australians are spending twice as much time on social networking sites than they did a year ago.  The statistics show that we spent over 1.6 million hours on social media sites in June alone.  The two big winners in this cyber land-grab are Facebook and Twitter.

In stark contrast to this, MySpace has lost over 50% of its Australian market share in the year to October 10.  In a time of rapid market expansion, why is MySpace going backwards at such an alarming rate?  Hitwise reports that over the same period Facebook’s market share climbed by 101 percent and Twitter useage exploded by a whopping 1516 percent!

MySpace has focused primarily on developing its music and entertainment market in an attempt to differentiate itself……is that the fat lady I hear singing in the background?