How can Myspace compete with Facebook and Twitter?

In 2006, Nielsen called Myspace the "fastest-growing top web brand," but today a growing number of users are getting bored with their accounts. I haven't checked mine in days. It is mostly musicians and artists who depend on the site. Myspace CEO, Owen Van Natta, took the position from co-founder Chris DeWolfe in April 2009, so the site is at a crucial point in its history.

Currently, Facebook is the largest social network with over 200 million users and Twitter has grown by more than 1382% in the last year. How will Myspace compete?

I think the key is to tap into the fact that people have different agendas on each social network. Myspace will never survive if it's simply trying to be like Facebook. But, if the network jumps out on a limb and utilizes real-time technology and new applications in innovative ways like it's next biggest competitor, Twitter, then Myspace just might have a chance at becoming a leader again--even if only in the entertainment industry.