At the same time, MySpace hasn't done as much evangelism for its developer program and platform as other vendors have, he said.

"OpenSocial needs to ramp up momentum, and MySpace would benefit. So it's partly that MySpace hasn't taken a lot of initiative lately for developers, and also that OpenSocial itself isn't picking up steam, perhaps because it's a group effort and everybody is waiting for someone else to push the cart forward," Valdes said.

The MySpace developer program hasn't generated anywhere near the amount of enthusiasm and activity that other application platforms enjoy, such as the ones for Twitter, Palm Pre, BlackBerry and Android, Valdes said.

"I look at the MySpace application platform and I don't see nor hear that kind of conversation among developers or users," Valdes said. "There isn't this notion that there's an opportunity there and that if developers can finish their application this weekend and launch it, they'd get the gold at the end of the rainbow."

In addition, MySpace's popularity among end-users has cooled off, while usage booms elsewhere, including on Facebook and Twitter.