There was a time when MySpace, the one-time eternal port of call for numerous underemployed and aspiring music artists, claimed to become a platform where new pop culture would emerge. In addition to it, love and dating would be given a refined meaning and politics would be redefined here. However, things suddenly went horribly wrong for this social networking site. At the present time, MySpace has lost all its name, fame, future and existence.
Nobody had anticipated that the fate of MySpace, which assisted such music legends like Lily Allen and My Chemical Romance to achieve the iconic status that they flaunt today, would one day itself be doomed. MySpace attracted 75.9 million dedicated visitors on a monthly basis in the U.S. alone in the year 2008. This promising rise was predicted by many, as something, that will only enhance its statistics in the long run. Shockingly, however, the number of viewers was recorded to have had dropped to a rapid 34.8 million in the year 2011. More than a million of users refrained from using MySpace in U.S., which had its biggest fan following. Even the revenue generated by this networking site dropped to its all time low in 2011. All the revenue incurred by MySpace was through potential advertisements done by the site. The estimated advertising dollars which was projected to a whooping $470 million in 2009 crash-landed to a meager $184 million dollars in 2011.
It came out in the open that Myspace and Intermix, its parent company, which was purchased for 580$ million in 2005 by none other than News Corp. was searching the market for a potential buyer who would be interested in buying their company for 100$ million. In this very market contended two other well-established social networks and while LinkedIn was priced at 6.4$ billion and Groupon Rebuff at $6 billion. In spite of the lower value of MySpace, no one seemed even remotely willing to buy it. This seemingly impossible and hopeless challenge of reviving something on which the public had long given up on was finally accepted by a group of investors led by Activision Blizzard chief Robert Kotick. Myspace was gradually turning out to be nothing more than an eyesore for both the News Corp and the users.
The pages of Myspace had fallen victim to absurd advertising parasites from all corners of the world. Cheap, vulgar and irrelevant advertisements used to pop up everywhere on these pages making it frustrating for the users to navigate properly without getting distracted. This lack of regular checks and security policy of Myspace was seen as a disadvantage by all the users and hence they preferred leaving the social arena than enduring such nonsensical and almost desperate attempt of Myspace to generate revenue.
An immensely flawed administration and innumerable strategic blunders are what paved way to the ultimate demise of MySpace from being one of the most sought after social networks of the world to a distressing oblivion. This just proves the fact that speedily advancing technology, fast-changing user demands and intermixing public opinions are an extremely delicate combination to keep track of.
This makes Social Networking a very unpredictable and peculiar business indeed.