MySpace Tries to Recover Its Cool

A new executive team at MySpace is trying to reignite the brand by focusing on areas like music, videos and games as users abandon the social-networking site for cooler destinations.

MySpace, which is holding a conference this week for its global ad-sales staff, needs to lure visitors back and kick-start advertising revenue, ad executives say. Research firm eMarketer estimates U.S. ad spending on the site will be $495 million this year, down 15 percent from $585 million in 2008.

The basic challenge is similar to the one facing big Internet companies, such as Time Warner’s (TWX) AOL and Yahoo (YHOO), that are under pressure to reinvent themselves for fickle audiences.

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