Ok, we’ll admit it, we’re suckers for a good wreck. It sounds like Myspace, the ailing social network, is having trouble convincing advertisers to sign on for long term deals as its traffic spikes downward.
Back in the day high flying Myspace sold ads months in advance to blue chip buyers like McDonald’s and Toyota. But as offices around the nation have been shuttered, deals that were in the works went dead. The result was a 39 percent drop in add revenue for 2010, according to a report in The Wall Street Journal.
It’s visitors are off 44 percent from last year, and the folks who do come spend less than half the time they do on top dog Facebook. The imminent sale of the site by News Corp. isn’t helping matters.
“We’re not seeing our audiences on Myspace, and not seeing them play the big influencer role they once did,” Shiv Singh, head of digital for PepsiCo Americas Beverages, told The Wall Street Journal. “We don’t know who will own them or what they will look like in June or July.”