“In essence, the brand (myspace) failed to develop its story. It wasn’t enough that the platform had invited everyone to hang out together, it had to offer the users something to do, some sense of collaborative freedom that could keep the platform fun. This lack of storytelling vision eventually led to a mass exodus from the site as more users became jaded by their experience.”

Will MySpace be successful at resurrecting its brand?: http://sherpablog.marketingsherpa.com/marketing/social-media-brand-resurrection/