Myspace. What happened to it?
The rise of social media is an era that is slowly coming to stay. It’s gradually become a part and passel of our everyday life. The average human being is said to check their social media applications at least 80-100 times a day.
It has become a culture, a habit, a way of life. People meet their spouses, gain employment, and reconnect with old family and family via social media networking platforms. So far during the last decade, social media networking platforms have put in tremendous effort in making our lives easier, communicable and comfortable.
They have enabled communities of like-minded individuals around the world to interact and exchange ideas. On how they can help make the world a better and a more habitable environment for mankind. They have also helped individuals to advocate for what they believe in. So far it has gotten the proper response by the appropriate authorities and those that are involved in the matter.
The era of social media gained rise and publicity by the creation of Facebook by Mark Zuckerberg in 2004. Twitter by Jack Dorsey in 2006. Instagram by Kevin Systron and Mike Krieger in 2010 and Whatsapp by Brian Acton and Jan Koum in 2009. These apps so far have risen very high to mainstream media attracting a total of over 2 billion users worldwide.
These particular apps also contribute a very great deal to brand management and brand consulting online and has become a perfect tool to help build your business. These apps are geared towards taking over the online space. Before the era of these mainstream apps. There was a particular app called Myspace which was set to take users by storm. But the question is, WHAT HAPPENED TO IT?
Myspace was the largest social networking site in the world in the early and mid-2000s. It was created by Tom Anderson, Jon Hart, and Chris Dewolfe in the year 2003 in Beverly Hills, California, the United States of America. It offered a wide range of activities ranging from an interactive user network, music, videos, blogs, groups, etc.
During the time of creation, the domain Myspace.com was originally owned by a company called YourZ Inc. The company has various intentions of using the domain name to build a platform for online data storage. Myspace was very popular among youths from the ages of 18-28 years old and was considered the leading social networking site in the world.
The emergence of Facebook did little at that time to eliminate the popularity and user coverage Myspace had created. Myspace had over 1 billion users both active and inactive and still generated substantial revenue until it was taken over by Facebook in 2008. Initially, Facebook CEO Mark Zuckerberg offered Myspace the opportunity to buy The Facebook platform in 2005 for $75 million. But Myspace co-founder Chris Dewolfe bluntly rejected the offer.
Oh, how the tides have turned. In 2006, Myspace was ranked the most visited site in the world surpassing the likes of Google Search Engine. It was also reported that Myspace owned more than 80% of all the traffic in the cyberspace.
When the platform started dwindling, it was first acquired by News Corporation for a total sum of $580 million, then Specific Media, then Time Inc. Finally Meredith Corporation in January 2018. Facebook surpassed Myspace in Alexa ranking due to its high interactive user experience.
Myspace lost a lot of revenue and market value, and slowly, slowly, was sold for a fraction of what it was purchased earlier. 2010 served as the year where they experienced most of their downfall, losing almost 50% of their revenue in that year alone. Myspace is slowly, fading into our internet memory as there is a lot of buzz around its main competitor, Facebook.
Facebook grew really quickly attracting a total number of 115 million visitors per month as it grew stronger, Myspace had to undergo a lot of layoffs in order to stay afloat in the game. They later redesigned and reintroduced themselves as a network promoting social entertainment but all to no avail. The later kept on dropping its market value, revenue and number of subscribers.
The mainstream social media icons, Facebook, Instagram, and Twitter, has consistently kept up with increasing internet trends and so far have rolled out thousands of innovative features ranging from Artificial Intelligence features, facial recognition features, etc.
They maintain the fact that technology is bound to change every day. They consistently keep up with the burgeoning growth and rise of new technological advancements which my space could not. Myspace found it very difficult to keep up with the upcoming trend with social media offered and so far it became very terrible for them.
Myspace stuck to a very rigid strategy and always fought hard to innovate. But no matter how hard they tried. They never got the chance to figure out how to innovate more to outsmart the uprising giants in the social networking industry which was Facebook and Twitter.
They continued opening more expensive offices around the world and hardly introduced new features that would be beneficial to users. The site was slow, and little by little started becoming unattractive to the users in general. Myspace never seemed to meet expectations. As a result of that, most of their investors and partners started pulling out of the company.
People like Peter Chernin, the COO of News Corp, the parent company of Myspace and Jonathan Miller, a former AOL Executive member. News also gathered reports that improper management of Myspace was one of the key reasons why the financial and managerial stability of Myspace start shaking.
In June 2009 leading to 2010, Myspace has a mind-blowing 37% layout of their staff. During this period. Myspace depended upon drastic website redesigns to get back their users. This attempt turned out negative because most of the users ended upon not liking the changes in the interface compared to the interface of Facebook.
After so much effort to rejuvenate the site and the business, the CEO of News Corporation, Robert Murdoch put the site and business up for sale. Adding that buying Myspace was the greatest mistake he has ever made in business. It was sold to Specific Media for $35 million.
In 2016, Time Inc. bought the company, and in turn, Meredith Corporation bought Time Inc.
So far, Myspace has undergone so many redesigns in order to beef up the user experience. One was by adding an engine to track their frequent search histories and recommend videos, games, etc. based on your searches.
They also redesigned their site in such a way that it no other competes with Facebook. But will serve as a music and video-oriented site which was bound to target younger people. One major aim of this redesign was to increase the number of people they have on their sites. Also to keep them there longer in order to promote traffic. But despite the effort, they still incurred a 47% loss of their staff in 2011.
Myspace as a platform was indeed very essential in bringing together people. Especially teens and young adults from a wide variety of tribes, towns, communities together and opening new windows of opportunities to network with new friends. Meet old ones, help in matchmaking and even foster good business relationships. It had tremendous benefits. Which are listed below?
In recent years, Myspace has been focusing more on opening more creative outlets than social networking. Because of its plummeting revenue. Myspace really suffered, losing users from a total of 95 million active users to 65 million active users in just year. People and blogs have come out to say, Myspace is dead, but do we think so? No. It depends on if you’d reconsider using it.
Back in 2008, the platform underwent a very thorough redesign and makeover, and they added a whole lot of features. Myspace has gone through pretty rough times over the last decade. But so far some individuals still prefer it as their primary site for social networking. So far Myspace has turned out to become a very popular site for music and videos marketing where musicians and creative artists show off their talent to a wider range of fans.
In the hearts of most users, Myspace is definitely not as buoyant and popular as it was especially since it has lost a whole lot of money. Many users have so far, migrated to popular social networking sites like Facebook, Twitter, Whatsapp, Instagram, etc.
From us, we say that Myspace is not really dead because there is still some useful content on the page. With a struggling number of 15 million active monthly users which is nothing compared to the bourgeoning 160million users which Facebook possesses.
On the front-page of the current Myspace site, you can still see a whole new redesign bringing together music and social lifestyle in 2018. You’ll still find a lot of sports, music, and entertainment news on the site. So far it has still maintained its active user profiles.
So far, Social Media offers a wide range of opportunities to reach out to friends and to a wide range of customers being a useful tool for business. The presence of Myspace aided the entrance into the social media era to be a very fantastic one. Judging by these facts, we can say that the era of social media is an era that is bound to remain. Even after so many decades because of the recent advancements in technology, it is beginning to undergo.
However, Myspace has come forth to be one of the best platforms we would ever have in our social media history due to the useful products it had which ones paved the way for joy and happiness in the hearts of the youths. Myspace is undergoing a whole new overhaul in its product and overall package for 2019. Let us see how it goes on so far.
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