This Week in Digital Media: Myspace sold again? Where do we go from here?

Myspace, the social networking website that once rivaled Facebook in popularity, has been sold to Specific Media for $35 Million dollars. This deal comes merely Six years after the company was initially purchased by NewsCorp for roughly $580 million dollars.

Originally meant to be a networking site for aspiring musicians, Myspace grew to incorporate anyone and everyone who wanted to re-connect with friends, and plant themselves in the thick of the social media atmosphere. However, somewhere in between its undeniable dominance, and the current “profile wasteland”, Myspace lost its ability to grow and retain users.

All of these signs would normally point to the end of an era. But, don’t be so quick to count out the “place for friends”. The website currently ranks #85 in the Alexa Rankings, and still has a niche group in the music and entertainment industry. It also doesn’t hurt that Justin Timberlake will now be responsible for some of the company’s business development and creative projects. His presence alone could give the company some much needed validation.

Regardless of what happens with Myspace in the next few years, the company has made its impact on the music industry, and changed the way entertainers are able to market themselves. What do you think is the biggest impact of Myspace, and where do you think it will go from here?