Is There Any Hope for MySpace?

Let's face it, all the cool kids are using Facebook these days. Heck, with over 500 million members, even the uncool kids are using Facebook. Mark Zuckerberg's baby is exactly what MySpace wanted to be, at least in terms of numbers, and at this point it's tough to see MySpace sticking around for too much longer.

Here's the thing. MySpace has put a lot of effort into reinventing itself through its streaming music service, but it doesn't appear people are buying it. According to the U.K.'s Telegraph, MySpace lost 10 million unique users between January and February 2011, going from 73 million to 63 million in just four weeks. That's not how you want to start the year off. The social networking site is also bleeding cash.

"MySpace lost $100 million in the first quarter last year. To get back on track is going to require a massive investment -- one which [owner] News Corporation is not prepared to make," a senior digital exec explained to The Telegraph. "So instead, it needs to keep taking costs out of the business while it's still in its hands."

News Corp. has already done this by trimming MySpace's staff, both here and abroad. At the same time, News Corp., which paid $580 million for MySpace in 2008,  would like nothing more than to find a buyer and be done with the "social entertainment destination," as MySpace likes to call itself these days.

What do you think, is there any chance of a comeback for MySpace?