Pretty good video describes the rise and fall of Myspace, and you might even learn a few new things about the story (I did).
My only (fairly large) criticism of the video is that it doesn't touch on one of the biggest reasons Myspace failed: The user pages, which allowed tons of customization, became loud, confusing, cluttered, and very slow to load on 2000s-era computers.
That's why I quit Myspace. Every time I clicked on someone's page, there were 3 songs playing at once, and I had to scramble all over the page to figure out where the players were, and how to pause them. Sometimes you couldn't pause them. These pages would also have hi-res backgrounds which would take forever to load, plus tons of other clutter and shit which made the site slow and almost unusable.
Eventually I tired of it, as more and more pages became this way. Facebook, on the other hand, was clean and super-fast-loading, with no autoplay music.
I always felt that the terrible, clulttered interface and the huge spam problem were what killed Myspace. I don't agree with the video that the "danger" of predators on Myspace had a large part in killing it. That might have pushed a few kids off of it who were forbidden by their parents to continue using it, but there's no way that was the biggest factor.