MySpace an endangered species

Not too long ago I decided to check my Myspace it has been a while since I checked it, so much has change. I remember back in high school I could not have enough, I was obsessed with changing my layout, I had put so many things that it too forever for my profile to show up. as I graduated and went to college, life became more hectic with school and work, I did not have time for it, but I found a great and best alternative, Facebook.
There are several reasons why Myspace is going downhill, sure it has change a lot, but it has not learn the basic principle... to keep it simple, it is supposed to be a social media, to connect with others, but it has a lot of useless applications. Sure it entertains but most of us don't have time. Myspace became too crowded and it was not clear to read, and things were hard to find.
In my pinion it might be too late for Myspace to make a comeback, in January MySpace had to lay-off a third and a half of its roughly 1,100 employees and just last summer they reduced 30% of their staff. MySpace was acquired in 2005 for $580 million. Since then, it has struggled to remain relevant as Facebook's popularity, in the quarter ended Sept. 30, MySpace reported an operating loss of $156 million, due to the site's poor performance. Here is an article from the Wall Street Journal (http://online.wsj.com/article/SB10001424052748704199504576060103578782180.html?mod=WSJ_hps_sections_tech)

Following there is a graph of Facebook Vs. Myspace

http://www.alexa.com/siteinfo/facebook.com

Myspace needs to act fast, its audience are people from 18-34 same as Facebook. Myspace need to find its niche and attract their audience, also it needs simplicity.

What do you think it can be done to for Myspace to make a comeback?