Hush hush talks can be heard at the corridors of MySpace and Yahoo about the rumors that the social networking site MySpace will be bought by Yahoo. These talks became louder when the impending lay off of over 500 MySpace employees will happen tomorrow. Rumors about this massive lay off has been in circulation the last few months as MySpace streamlines its company reportedly in preparation of selling the social networking site.

It was just a few months ago that MySpace radically changed their appearance online and extended its services for their users other than social networking. Admittedly MySpace was a front runner in the industry for many years but it has since been eclipsed by the popularity of Facebook. So instead of just going down into oblivion, MySpace tried to re-invent itself as the ultimate site for people to share their types of music, videos plus being a social networking site as well.

Although nothing is set in stone, the talks of an impending merger or outright acquisition of the News Corp baby is set to happen soon after they lay off about half of their current employees. The 550-600 people that will be given the sack are not surprised about this latest development as they have been informed of this decision months ago.

If indeed Yahoo does get MySpace, what will their vision be for MySpace? Will they go after the ever increasing number of Facebook users or will they evolve into something else. These questions may remain unanswered in the near future but one thing is for sure, MySpace will be in the market in the coming days.

Wow! MySpace is totally new! The moment I visited the site, I took a step back. I had to double check if I really did land in on MySpace.com. The layout is very interesting. It is like a yahoo, google, youtube and every social networking site all rolled into one.

The music tab is simply amazing! In one page you get to view the top music video picks, watch it play and even see what the newest and recommended videos are. Commenting on the video is very easy as it is just like Youtube, you can leave comments below the video and even see who are online on the right side of the page.

Click on the topics tab and you will be overwhelmed by all the top new articles about your favorite movie stars, news and even TV guesting of your favorite stars. It seems that MySpace indeed overhauled everything and made social networking easier. I can imagine a lot of MySpace users spending countless hours using the site. It is not only about social networking now, but it is everything that you could ever want for your entertainment pleasure.

For those of you who love to sing, MySpace has a Karaoke tab! So sing your heart away, record it and share your performance to the whole world! You can even rate MySpace users’ karaoke performance. Better yet, if you have the voice then record your performance. Who knows, you might just be the next big discovery all because of MySpace.

As the layout is still new, I am surprised why it isn’t so difficult to find my way around. They have definitely made things a lot simpler for users. The question now is if MySpace will get back their dominance as they have before Facebook took the throne away? Who knows. But for now, MySpace is doing a great job.

Yes you heard it right, the once top ranking social networking site is now trying to reinvent itself after placing a far second to Facebook. To think that MySpace was there even before Facebook came into being but now the latter is eating up a big chunk of its users.

Even if MySpace still has about 130 million active users, this is too far behind the more than 500 million active users that Facebook has. The management of MySpace has admitted that they are not doing good in the social networking site business and their investors are looking the other way and not investing in MySpace anymore.

This prompted the company to come up with creative ways to create their place in the world wide web. So now there are talks that they are going to beef up their site but instead of marketing MySpace as a social networking site, it will focus more on being the premier site in which users can share music and videos.

They have admitted that they can’t fight Facebook head on so instead they will try to compliment the social networking site and create a niche for themselves. This move will hopefully encourage current users of Facebook to use the new and improved MySpace to satisfy their hunger for the latest music and videos.

Necessity is indeed the mother of all invention or re-invention in this case. As Facebook and even Twitter users are slowly and steadily increasing the opposite is true for MySpace. What was once a lucrative social networking site, is now being forced to visit the parlor for a much needed make over.

This has proven once again that the customer is King. And what the King wants, the king must get. As MySpace is forced to change its offering the sector who would most benefit from this make over is none other than the users. For sure MySpace will be back on its feet with a new product on hand.