I came across this article while working on my paper and thought I would share - http://www.readwriteweb.com/archives/can_music_save_myspace.php
The gist of this article is that Myspace has recently decided that they would give up on trying to be a major social network and instead focus on music. Definitely an interesting development, as even though music was a huge factor in the site's creation and popularity, Myspace caught on because of its social networking. However, after losing so much traffic to Facebook the site has shifted its strategy entirely. Now they are partnered with the major record labels in order to provide streaming versions of the labels' entire catalogs. Whether or not this will work out in the long run for the site remains to be seen. But just to show you how much traffic the site has lost to Facebook, Myspace is now ranked as the 17th most trafficked site according to Alexa, whereas Facebook is now second only to Google. When New New Media was published, Myspace was 7 and Facebook was 5 (109).
Finding out that Myspace had even shifted to a music-first site, let alone the fact that they created this new partnership with the major labels, was completely news to me. They have an interesting strategy now, but if people aren't aware of it, how successful can they be?