According to Alexa Internet, it is currently the world's fourth most popular English-language website, the sixth most popular website in any language, and the third most popular website in the United States, though it has topped the chart on various weeks (note it is possible that other websites have a greater number of unique visitors)
It is attractive, first of all, because adults (and especially adults in the marketing business) would love to know what these 14-24s are up to, and here they have a chance to actually say: I know that. I understand it. I can use it for my own purposes. And it is so rebellious - it belongs to Foxy Rupert Murdoch!
And they do. The hoard MySpace and fill it with commercial pages, and with competitions (cooperating with the site, one should add). They use MySpace-like graphics and language. Some even try to ride directly on MySpace success: Pimp MySpace offers "pimping" (that's improving, Mr. Advertising agency) your MySpace pages; a similar service is offered by Skize (whose site looks a little more professional, that is, hurts the eyes a little less, that is - no MySpace site).
Other artists have used MySpace to advance their career, changing the way the media industry works. Lilly Allen (that nobody with the Paris Hilton remark, that's who) and Arctic Monkeys are two examples, but also established artists like the Taiwanese Coco Lee use it.
And journalists also make money of it, writing on how "dangerous" MySpace is. Parents, after all, are terrified of what teens do all day. In fact, most teens are responsible online and on MySpace. Parents should have known better: when kids are "bad", they are not bad because of MySpace. For example, high-school cheerleaders who posed nude on MySpace have previously
"telling teachers to shut up, using a cell phone in class even after being told not to, cheating on tests, skipping school,"
And it's not that adults behave more responsibly. In fact, somebody has used MySpace to steal the identity of an Australian judge. Doesn't seem like kids to me.