A Tale of Two Networks

How times change. Back in 2005, MySpace was the king of the social-networking jungle and Facebook was a weird little site for college students. Then Facebook threw open the floodgates to all and sundry and went into overdrive. First it overtook MySpace in user numbers; then MySpace announced users could sign up through their Facebook accounts, effectively 'surrendering' (as lots of tiresome tech bloggers put it) to Facebook.

Well, the two networks' fortunes just keep drifting further and further apart. MySpace is reportedly planning to make up to half its staff redundant later this month. The ailing site has to cut costs dramatically to meet new targets set by its owners, Rupert Murdoch's News Corp.

Facebook, on the other hand, is going great guns. It's just completed a new round of fundraising which values the company at an absurd $50 million. That's more than Yahoo!, eBay, or media giant Time Warner, the Guardian points out. A stock market listing seems likely.

The question is, five years from now, will another site have 'done a Facebook', leaving Zuckerberg et al the ones frantically making cuts?

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