Posted July 13, 2009 8:24 am by with 4 comments

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MySpace New LogoIn all honesty, there is not much to talk about at the start of a week that truly moving toward the dog days of summer. Let’s take one more look at the Sun Valley meeting of last week to see if a gathering of the most influential media executives can garner something of interest. Errr…..not really. Best we can come up with is the Wall Street Journal report that MySpace is looking to focus on the entertainment space. Shocking! I feel like such a slacker when I get blindsided by this kind of breaking news. It’s now very apparent that if we didn’t have these kinds of meetings of these great minds we wouldn’t have the kind of insight and wisdom unavailable to us commoners like the following

News Corp. is planning to position its MySpace unit as a Web site for accessing entertainment and related information. The plans follow other recent moves by the media giant to try to reinvigorate the social networking site as it steadily loses ground to Facebook Inc.

In a brief interview, News Corp. Chief Executive Rupert Murdoch said MySpace needs to be refocused “as an entertainment portal.” Mr. Murdoch described his vision for MySpace as a place where “people are looking for common interests.”

Wow, Mr. Murdoch really went out on a limb by describing a social networking site as a place where people are looking for common interests. If more next generation kind of talk like this is what comes from the Sun Valley conference then I guess we all need to pay attention more. This year wasn’t able to give us the kind of moment that last year brought here at Marketing Pilgrim.

Back to MySpace. With Owen Van Natta at the helm since April the company has cut its US staff by 30% and chopped 2/3 of the international presence. The site has been losing ground rapidly to Facebook and just about every other social networking site. In fact, the only time it seems to be in the news is about more bad news or almost no news. An example fromthe category of “You wouldn’t know this unless you had visited the site”

In recent weeks, MySpace has also dropped its longtime tagline “a place for friends,” and removed the “.com” from its name.

So now the once high-flyer is looking to formally embrace the crowd that it seems to have migrated to over time. Unless you are tied to the music biz is there a place anymore for MySpace as a viable social media option? What will it take for the site to re-invent itself or is it possibly too late for that? It’s Monday and you need to get your brains in gear so gnaw on that and leave us your thoughts.