Lucas wonders where the chinks in Myspace’s armour are.
Two words. Innovation and mullets. Myspace is locked into a certain model of interaction because of their history and size, and their innovation attempts don’t seem particularly successful (video).
Their interaction model is centered around identity creation: here I am! This is me! Be my friend! This works great with teenagers. Myspace will never be a LinkedIn, for example (LinkedIn seems to be doing great, by the way). MySpace also will never be a SecondLife, and not just because it’s a website rather than a gameclient. There are other interaction models around things that are not identity.
And mullets, of course, went way out of fashion.