Myspace a social media site is sold for $35 million by news Corp, a fraction of which it paid to get the once top social media site. And as a new generation of Web-based start-ups is now catching valuation which are sky high.

Specific Media an advertising company with singer Justin Timberlake will acquire Myspace. This site for a tumultuous period was under Rupert Murdoch’s News Corp, which in 2005 bought Myspace for $580 million.

At that time Myspace was one of the most popular social media website, and it was a big success for News Corp to beat its rival Viacom Inc in bidding. It was taken a major victory for Murdoch.

From then onwards Facebook has dominated Myspace, and it became a hard lesson that when a traditional media company imposes its will on a start-up company anything can happen.

It is also seen that it doesn’t take time for the investors and audiences to change their taste in case of social networking. Hence this deal had a contrast effect on the social media companies for instance LinkedIn, Groupon and Twitter including the investors waiting for the next big change to occur.

So there can be any sudden change in the field of social media and it would not be surprising to see people changing their taste as per the situation.