Bright Lights Project: MySpace
The facts speak for the themselves: Rupert Murdoch's News Corp. bought MySpace in 2005 for $580 million and is selling it this week to Specific Media for $35 million. It made its purchase price back perhaps a couple times over by crapping out the site with innumerable ads (remember, News Corp. was simply exploring new distribution channels and the ad model was the most obvious way to monetize the thing). But users abandoned MySpace in droves, from a peak of 90 million in 2006 to 18 million 4 years later. Today, the thing is all but dead.