The End Is Near: Will MySpace Sink After Departure Of Another CEO?

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It’s no secret: MySpace has seen better days.

Yesterday, the announcement came that Owen Van Natta has stepped down from the position as CEO of the once-king of social media, effective immediately.

(More on Techland: Google Launches Google Buzz)

Van Natta was named CEO in April, 2009 and the only reason for his exit after not even one year on the job has been listed as an evaluation of his personal and professional priorities.

Yeah, right.

Maybe Van Natta finally realized that the former social media flagship he boarded was really the Titanic. Maybe he was ousted. It doesn’t really matter.

(More on Techland: MySpace Buys imeem Music Site for $1 million)

In the past year, MySpace cut 720 jobs – 40 percent of its work force, but still reporting a $125 million operating loss, says the AP. (Well, long live the king.)

Though MySpace has really attempted to reboot its image as a vehicle for music promotion – it hasn’t seemed to be enough, meaning, Icebergs: dead ahead.

Sites like Twitter and Facebook have bludgeoned MySpace, taking its usership, and leaving the site to sink. Which it will, sooner or later.

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