Social networking Web site MySpace provides users with the opportunity to create, free of charge, a unique online profile through which they can communicate with friends, watch videos, listen to music, blog, and shop. Unlike many other social media sites, MySpace allows, and even encourages, budding musicians, filmmakers and artists to promote themselves and their products on its site.Forbes: Q&A: MySpace Founders... (January 1, 2004)

Owen Van Natta, the CEO of MySpace, stated that the company will be laying off roughly 30 percent of its workforce, in an effort for the organization to become a more nimble team-oriented company. The announcement comes as the company reportedly continues to have a decline in unique users. The layoff announcement was made on June 16, 2009.http://www.reuters.com/article/businessNews/idUSTRE55F5HC20090616?feedType=RSS&feedName=businessNews&rpc=23&sp=true

MySpace operates solely on advertising revenues, and through the use of its own site and affiliated advertising networks, it uses the information on users' profiles to target them with advertising specific to their interests. Originally founded by entrepreneurs Tom Anderson and Chris DeWolfe, MySpace was sold to News Corp. in 2005 for $580 million.BBC News: News Corp in $580m internet buy (July 19, 2005) Since News Corp. took over, MySpace has refused to disclose its annual revenues or profits separately of the parent company.

In July of 2007, it was discovered that over 29,000 registered sex offenders had profiles on the website, through which, it was argued, they could target potential victims. MySpace subsequently removed the profiles and implemented procedures to protect underage users.ABC News: MySpace Finds 29,000 Sex Offenders (July 25, 2007)

Another unfortunate incident occurred when depressed teen Megan Meier committed suicide after becoming the brunt of MySpace cyber bullying in November of 2007.MyFox St. Louis: Prosecutor To Review MySpace Suicide (November 14, 2007)

The trojan horse virus Koobface reappeared on MySpace and Facebook in March 2009. Users are targeted in an invitation that looks like it's coming from a friend or contact, inviting the user to view a video by clicking on a link which takes the user to a counterfeit YouTube site and asked to update Adobe Flash Player to view the video. When following the instructions, a Trojan horse virus program is downloaded to the computer.Washington Post: "Koobface" Worm Resurfaces on Facebook, MySpace (March 2, 2009)

In late February of 2009, Marvin Chavelle Epps was arrested in Sacramento on charges of federal child pornography after using MySpace to meet at 16-year-old girl whom he allegedly became sexually involved with both as her pimp and for his own pleasure. Epps admitted to using social networking sites to meet young girls, a growing problem according to law enforcement officials.CNET: Pimps Go Online to Lure Kids Into Prostitution (February 25, 2009)

In March 2009, Shannon Keith Hauser, a 37-year-old man, was sentenced to 51 months in prison after pleading guilty to dissemination of child pornography. Hauser posed as a 15-year-old boy on the Web site. He was sentenced for uploading child pornography photos to a photo Web site.Twin Cities.com: Man who posed as boy on MySpace sentenced in child porn case (March 3, 2009)

"We don’t waste time on things. We didn’t sit down and write up this big plan and spreadsheets and try to force that imagined plan. We’ve been quick and nimble on our feet. I was working from common sense."—Tom Anderson, MySpace PresidentForbes: Q&A: MySpace Founders... (January 1, 2004)

"News Corp. isn't breaking out our revenue and profits. But I can tell you that we are number three in number of ads served on the Internet, which comes to 12% of all ads in the US on the Internet."—Chris DeWolfe, MySpace CEOForbes: Q&A: MySpace Founders... (January 1, 2004)