MySpace traffic dropped 14.4 percent between January and February 2011, from 73 million visitors to 63 million visitors, according to TechCrunch and comScore. That makes a 43.2 percent overall drop in the course of one year.

Meanwhile, News Corp is accelerating the process of selling the company by slashing its price. News Corp purchased MySpace for $580m (£360m) in 2005 and may end up selling for the bargain-bin price tag of $50m to $200m, according to Bloomberg. And though News Corp is getting into the social gaming action with the likes of Zynga, makers of the popular FarmVille, the head of News Corp's digital media group, Jonathan Miller, said that MySpace will not be part of the equation.

MySpace was founded in 2003 and at its peak had 100 million members. However, the social network struggled to keep pace with rival Facebook, which has soared in popularity since 2008 and now has more than 500 million active users.

More recently, MySpace attempted to rebrand as an entertainment hub for members of the so-called Generation Y.

However, people already have many options for entertainment content on the web, as music, TV shows and movies become widely available on the web via many sites and services such as Apple's iTunes and Amazon.

MySpace was briefly valued at $12bn when News Corp attempted to merge it with Yahoo in 2007.