Umass Dartmouth Center for Marketing Research Blog

Myspace: Fading into the Blackness

What was once such an influence on our lives is now nothing but a memory. Myspace is being sold to Specific Media today, a digital media company, for $35 million, a small fraction of what News Corp. paid for it back in 2005. It’s crazy to think that what was once a site that launched music careers and was used by industries entering into the Web 2.0 sector is now fading into the blackness.

Tom doesn’t seem to be anyone’s friend anymore, but why did Myspace fail so fast? Yes, Facebook is a major player, but Myspace failed to grasp onto evolving with the social media web it helped create. Former founder, Chris DeWolfe, “blamed Myspace’s over enthusiasm and under execution on the product side for many of the site’s problems.” Myspace was effective in creating and sustaining the site which brought in many followers, but their poor designs and failing features played a hand in its failure. Another issue was that Myspace focused on increasing advertising profits versus evolving the site with new features that they lacked in relation to its upcoming rival, Facebook.

To try and revive itself, Myspace copied some of Facebook’s features such as the newsfeed and site layout, an avenue they tried to avoid. When this didn’t seem to do much they tried to reinvent themselves as an entertainment network. Many bands still used Myspace to connect with their fans and this would no longer make Myspace a competitor with Facebook, but a “complementary service,” according to Myspace CEO Mike Jones.

Fun Facts:

  • A month after being launched in January 04, Myspace had 1 million users and by November they had reached the 5 million mark.
  • Myspace was bought by News Corp. for $580 million in July 05.
  • Myspace accounted for 80% of traffic on a social media site in July 06.
  • Facebook and Myspaceboth attract 115 million unique monthly visitors globally, although Myspace was still the clear winner with U.S. visitors.
  • January 2011, Myspace lays off 500 people, about half of its employees.

To read the full article by HuffPost, click on the link below. Thanks for reading again this week and for being a valued fan!

http://www.huffingtonpost.com/2011/06/30/how-myspace-fell-apart_n_887853.html?ncid=edlinkusaolp00000009&ncid=edlinkusaolp00000009

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Filed under: Social Media

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