Remember MySpace? For many, it is a hazy memory today, but one wouldn’t get surprised with the fact that it once rocked the social media circle. Facebook and Twitter have surpassed MySpace since 2006, that it almost has gone to oblivion. MySpace was founded in August 2003 by Mr.Anderson and Mr.DeWolfe, and it went on to become the most popular site. In the recent past, suddenly we see MySpace falling apart. Rupert Murdoch, the CEO of the News Corporation bought it for $580m in 2005. Critics later quoted it as a corporate mishap in the history of Social Media Industry. Its’ revenues grew rapidly in mid-2006. Later, they signed a deal with Google for $900m to provide search and advertising directly on the site.
It became popular in a major way when it arrived, giving a great platform for the musicians to portray and promote their work and build up a huge audience which they never imagined to have reached out. MySpace also has blogging on-board, helping users to create profiles which are more personalized and hence earning more traffic to the site. But, an interesting fact is that it earned maximum traffic through advertising and the bold appeal it has. It allowed its users to have a personal appeal by posting whatever that reveals their personality and culture. This ended up in users sharing bold intimate snapshots, frank commentary etc., on their main home pages. With MySpace pages being the host of the worst kind of advertising, it slowly lost its sheen and popularity. More and more parents were worried and concerned about their teens and kids having a profile with MySpace as it had a profound impact on youth culture.
It is no wonder that MySpace is making its way out from the social media, but still MySpace former Owners & co-founders are not losing hope; and opine that by the end of 2015, the site will reach around 400 million registered users. The latest news we hear is half of its workforce has been laid off, amounting to around 420 employees. It’s no surprise that its revenues are dropping and are currently at an all-time low of $109 million. Though there are many reasons for it’s slow decline, people attribute it mainly to the lack of innovation and experimentation. It is an eyesore to its users now which has always been giving preference more to the look and feel of the user’s profile rather than coming out with new concepts. It also faced many security problems with users having their net browsing habits monitored by malicious software. Facebook, seen as ‘safe’ when compared to MySpace, took over its place in 2008 with maximum people using it because of its platform allowing outside developers bring in new applications.
comScore, the Internet Market research company showed that MySpace had lost 10 million users in just a span of one month in 2011. All of its strongest audience (teens) found new interests and migrated to Facebook and Twitter. Though it worked on its model and redesigned its home page, users continued to decrease and may not recover because of the site’s sluggishness and over-rated advertising. It is now in the hands of Specific Media (MySpace’s new owners) and Justin Timberlake (Emmy and Grammy winning artist) to develop the site and bring it to a new level.
For many, like me; Myspace does not exist, and is dead.