MySpace CEO Owen Van Natta at the Web 2.0 Summit this week:

"I think that what you see in the space more than anything else is if you don't keep innovating and moving forward you get in trouble," Miller said in his talk on Thursday morning. "You can't stop, you have to keep going, and (MySpace) didn't keep going, it kind of stopped."

This article goes into more of what he said and what the future of MySpace may be but it's a pretty huge thing to admit that your multi-million dollar company stopped innovating and is pretty much stalled out entirely.

A lot of people have tried to convince me that Facebook and Twitter will never suffer this same fate and I have to disagree.. there will always be a new innovator that everyone flocks to. I guess only time will tell!