No, it did not. Myspace existed before the concept of social networking really solidifed. Not to mention that Myspace was much more niche in that its main userbase was the young and somewhat technically savvy. Myspace was more of a homepage-builder than it was a social network the way we think of it today.

The concept of social networking solidified with Facebook, and they were in the perfect position to capitalize on the masses moving to the internet for a large chunk of their pass-time. Network effects just didn't exist for Myspace, as seen by the handful of social networks that existed simultaneously with it. Facebook changed the game, and they will dominate until something else similarly changes the game. Whatever it will be, it will look nothing like Facebook.