It’s not all fun and games in social media today. The original social media platform, MySpace, is hemorrhaging up to 10,000,000 visitors per month at the moment and News Corp, who bought the site 5 years ago for $580,000,000 are currently looking for a buyer.

The site, which in many ways taught its supersedents how not to do social media dropped web traffic from 73,000,000 to 63,000,000 between January and February this year. In a report released by comScore it was found that the social entertainment site cum social media platform cum social entertainment site again was experiencing about half the traffic it was a year ago.

MySpace Searches for Ad Revenue

With MySpace losing customers at a 13% pace over the past 52 weeks, they now face the difficult task of selling their advertising space to one of the big ad networks. Their last deal was made in 2006 with Google for $900 over the course of four years. But since then, their viewership has eroded as Facebook has overtaken the social web space. They currently in talks with Google, Microsoft and Yahoo but will most likely receive a significant reduction in revenue for this contract compare to the last one.