MySpace abandons race with Facebook to focus on music

The new chief executive of MySpace has told the Financial Times that the company is no longer interested in competing with Facebook, effectively conceding defeat in the race to become the largest online social network.Owen Van Natta, a former Facebook executive who replaced Chris DeWolfe as chief executive of MySpace six months ago, said the company instead aimed to become an online hub for music and entertainment. “Facebook is not our competition,” he said. “We’re very focused on a different space.”

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