The big announcement of today wasn't very surprising and it appears that Myspace is doing everything they can to be obsolete. Users will now be able to login and carry their Facebook likes over to Myspace; based on their Facebook likes, the will get media recommendations. Because Myspace is primarily entertainment based, or as it is often called MTV 2.0, it is not a bad relationship, but is it too little too late? Myspace themselves have already stated that they should no longer be considered a social network but more of an 'entertainment hub'.
As much as I want to believe that it is and Myspace will disappear from existence forever, it's probably here to stay for awhile. Musicians and other entertainment related users have swarmed to Myspace over the last several years because of the ease of creating a 'website' for their act. They can easily add their music, tour dates and even sell merchandise right from the site. As long as entertainers continue to use Myspace as their website platform it is not going anywhere. I don't think that it will be doing much as far as a surge in new accounts, but I doubt their pageviews will continue to see major losses.
Where Did Myspace Go Wrong?
There are many things that caused the demise of Myspace, but my opinion is that it was just too open. Users could make their profiles nearly unreadable, you got 100 spam requests everyday as well as spam posts on your 'wall' and it was just too vulnerable to security issues. While Facebook essentially killed Myspace loyalty, it was bound to happen sooner or later. I do believe they are much better off now not trying to be a social network and may even strive as an entertainment recommendation/viewing service.
Why Should You Care as a Small Business?
Essentially this means nothing for you unless you are an entertainment based business. Most of us can just ignore the announcement and go on with our lives as usual. A great partnership for a small business would be Facebook and Twitter; allowing a user to see random tweets based on their Facebook likes without having to follow the user, search, see a RT or follow a hashtag topic. Who knows what the future will bring.