According to new figures, MySpace has managed to lose 10 million unique users in just one month as it continues in steep decline.
The decline follows another round of major redundancies at the beginning of 2011 with 500 staff axed and its international operation reduced to a skeleton staff. It still has 63 million unique users but the writing seems to be on the virtual wall unless something drastic happens.
Facebook, on the other hand, now has 30 million unique users in the UK and over 500 million worldwide and continues to grow.
This time last year, when MySpace began the first in a series of major relaunches, it attracted some 95 million unique users.
MySpace is owned by the News Corporation which is reportedly still trying to sell off the ailing social network despite the efforts to change its focus on entertainment content. Back in November 2010, MySpace effectively admitted that it had ceased to be a social network and direct rival to Facebook.
Music and entertainment content was the foundation stone of the troubled site and it is in this area that MySpace is now hoping for some sort of revival to its fortunes.
The sale of the site, or a partnership with someone like AOL or Yahoo, is certainly not out of the question, it will all depend upon whether MySpace can return to profitability, or at least not make such thumping losses as to require massive, and constant, investment by the parent company.
News Corporation bought MySpace for $580 million in 2008 and was briefly valued at $12 billion when they attempted to merge it with Yahoo in 2007. One thing is for certain, it is worth substantially less than either of those figures now.