(KCBS) – MySpace, the online social hub, is undergoing a revamp. The social networking pioneer which used to be among the top web sites, is now fighting to hang on to users.

It’s an effort to remain relevant in the competitive online world that now includes Facebook and Twitter. MySpace will now target a younger audience.

KCBS’ Susan Leigh Taylor Reports:

“MySpace is calling itself not a social network, but a social entertainment destination,” said Debra Aho Williamson, a senior analyst at eMarketer, which follows the digital marketing and media industries.

She said users will be able to post and read content about movies, music and other entertainment, and find folks with similar interests.

“Essentially it’s really not just a fresh coat of paint for MySpace, but a top to bottom renovation,” said Aho Williamson.

Based on the latest numbers, MySpace user traffic is down about 24 percent from its peak in recent years, and its ad revenue is suffering too. Facebook’s earnings for this year are expected to out-pace MySpace by nearly four to one.

Aho Williamson said MySpace will now target the 13 to 35-year-old audience. She believes they’ll be successful in that narrow realm, and will deliver for Hollywood or musicians trying to reach the Gen-Y audience.

(© 2010 CBS Broadcasting Inc. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)


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