MySpace abandons race with Facebook (Financial Times)

More on MySpace’s evolution

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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Mr Van Natta wants to capitalise on MySpace's status as a leading online music destination and used a presentation at the Web 2.0 conference in San Francisco yesterday to unveil new features that enhance its music credentials.

MySpace abandons race with Facebook