Why MySpace Is the Hot Place

MySpace.com, one of the hottest social-networking/music sites these days, has left pioneer Friendster way behind. MySpace’s draw? It’s based on a core of music fans. Bands can create their own home pages, with photos, tour dates, and as many as four songs — all for free. Marquee names like Beck, the Black-Eyed Peas, and ex-Smashing Pumpkins leader Billy Corgan joined.

Even though it has heavy competition from the likes of MSFT and Yahoo, MySpace has access to capital and technology because it’s over 50%-owned by Intermix, a publicly traded tech company. And if it needs to raise more cash to fund product development, it has the option of going public or selling to a larger company, such as Google…