I know myspace traffic is way down but is there anything i could do to make money online using this myspace with 50000 thousand friends as a tool. I used to get a blog i had about 4000 views every 3-4 days with it (and some help from a facebook with 1000 friends). But adsense recently dropped me thanks!
Try out some CPA offers. May be if you got some US based friends you can earn pretty good if you select a better offer.
Early on when I started online one of the things I did was build up my myspace to 24k. I monetized it by approaching newer bands and letting em know I would post a bulletin for my friends to add them at $50 a bulletin. Not sure if those add me buttons still work on myspace but there may be other ways to go about it.
Use the viral script (theviralscript(dot)com), blast some kind of catchy myspace related offer to them, and the traffic should work itself out. Using a content gateway, followed by the viral script which requires users to refer their friends should work very well, I've done similar.