MySpace was founded in 2003 and purchased in 2005 by News Corporation for $580 million. Between 2005 and 2008, MySpace was the most visited social networking site in the world, and even surpassed Google at one point as the most visited website in the United States. The site generated $800 million in revenue in 2008, yet was passed by Facebook and has been declining every year since. Now, however, thanks a purchase in 2011 by Specific Media Group and Justin Timberlake, the former giant seems poised to once again rock the online world.