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The My domain was originally owned by Your Z.com, Inc., intended until 2002 for use as an online data storage and sharing site.By 2004, it was transitioned from a file storage service to a social networking site.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.In July 2005, in one of the company's first major Internet purchases, Rupert Murdoch's News Corporation (the parent company of Fox Broadcasting and other media enterprises) purchased Myspace for US0 million.After losing the bidding war for Myspace, Viacom chairman Sumner Redstone stunned the entertainment industry in September 2006 when he fired Tom Freston from the position of CEO.
Freston's successor as CEO, Philippe Dauman, was quoted as saying "never, ever let another competitor beat us to the trophy".Redstone told interviewer Charlie Rose that losing My Space had been "humiliating", adding, "My Space was sitting there for the taking for 0 million" (Myspace was sold in 2012 by News Corp for million.) On November 1, 2007, Myspace and Bebo joined the Google-led Open Social alliance, which already included Friendster, Hi5, Linked In, Plaxo, Ning and Six Apart.Open Social was to promote a common set of standards for software developers to write programs for social networks. Google had been unsuccessful in building its own social networking site Orkut in the U. market and was using the alliance to present a counterweight to Facebook.Co-founder and CTO Aber Whitcomb played an integral role in software architecture, utilizing the then superior development speed of Cold Fusion over other dynamic database driven server-side languages of the time.
Despite over ten times the number of developers, Friendster, which was developed in Java Server Pages (jsp), could not keep up with the speed of development of Myspace and cfm.
Boyd compared the shift of white, middle-class kids from the "seedy" Myspace to the "supposedly safer haven" of Facebook, to the "white flight" from American cities; the perception of Myspace eventually drove advertisers away as well.