Vevo.com to take over Myspace?

Long eclipsed by the growth of Facebook, Myspace may yet still emerge as a prominent social media website – At least when it comes to music and video.

News Corp. is in talks to transfer control of Myspace to Vevo.com, an online music website partly owned by the world’s biggest record companies, Bloomberg News reported

In return for the transfer, News Corp. would have a stake in a new Vevo.com venture, Bloomberg News reported.

Traffic to Myspace has been shrinking over the last few years. In February, Myspace only received 62.6 million visitors, down 29 percent from 88 million in October 2010.

Vevo.com, the fifth largest video site, received more than 45.9 million visitors in February, according to ComScore. Many analyst predict interest in Vevo.com will only grow. Vevo.com was introduced in Dec. 2009 and offers advertising supported music videos. Myspace was founded in 2003 and quickly became a social media darling. However, Facebook has quickly chipped away at Myspace’s market share leaving it with music artist fan pages.