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Redstone believed that the failure to acquire My Space contributed to the 20% drop in Viacom's stock price in 2006 up to the date of Freston's ouster.
Freston's successor as CEO, Philippe Dauman, was quoted as saying "never, ever let another competitor beat us to the trophy".
At its peak, when News Corp attempted to merge it with Yahoo! Since then, Myspace has seen a continuing loss of membership, and there are several suggestions for its demise, including the fact that it stuck to a "portal strategy" of building an audience around entertainment and music, whereas Facebook and Twitter continually added new features to improve the social-networking experience. Gittelman suggested that the 0 million three-year advertisement deal with Google, while being a short-term cash windfall, was a handicap in the long run.
That deal required Myspace to place even more ads on its already heavily advertised space, which made the site slow, more difficult to use, and less flexible.
By late 2007 and into 2008, Myspace was considered the leading social networking site, and consistently beat out main competitor Facebook in traffic.
Initially, the emergence of Facebook did little to diminish Myspace's popularity; at the time, Facebook was targeted only at college students.
While Facebook focused on creating a platform that allowed outside developers to build new applications, Myspace built everything in-house.Shawn Gold, Myspace's former head of marketing and content, said "Myspace went too wide and not deep enough in its product development.We went with a lot of products that were shallow and not the best products in the world".In February 2005, De Wolfe held talks with Mark Zuckerberg over acquiring Facebook but De Wolfe rejected Zuckerberg's million asking price.Some employees of Myspace, including De Wolfe and Berman, were able to purchase equity in the property before My Space and its parent company e Universe (now renamed Intermix Media) was bought.