The latest move of MySpace is to present itself as "a social entertainment destination for Gen Y."

A report by Mashable reveals that the latest MySpace stresses upon associating self with celebrities music, videos, TV shows, movies and games which totally is different for friend and peers.

MySpace has changed the logo and rumors say that the site was planning to rename it under the name of TheirSpace, but it didn’t happen.

The site boasts of more than 100 million users worldwide, and half of which in the U. S i. e., one fifth population of Facebook's total.

Gawker's Ryan Tate called MySpace as "the terminally ill old social network down by the river," which according to the experts is an inaccurate accusation.

News Corp.'s $580 million deal to purchase MySpace's parent company in 2005 seems to be a huge mistake which might not be that significant if compared to AOL's $850 million purchase of Bebo in 2008.