MySpace is set to lose almost half its global work force as it is being primed for an almost certain sale.
So does this mean bands, artists and fans have finally turned their back on the site that once reigned supreme.
Or is it still a credible site for launching artists and discovering new music?
6 Music's Adrian Larkin has been taking a closer look at the one time leader of the social network pack:
While it is true that many acts are leaving MySpace, it still seems to have some weight in terms of finding new bands online.
But for those bands and fans not using the site, where are they going?
6 Music's Ruth Barnes has been looking at the alternatives:
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