Is Facebook Helping to Save MySpace?

MySpaqce logo

Former owner and media conglomerate fuehrer, Rupert Murdoch, has finally admitted Facebook crucified MySpace during the 6 disastrous years his News Corporation owned the social media struggler.

Amusingly, Mr. Murdoch chose Twitter to voice his opinion on why and how MySpace failed under his leadership.  In one tweet he stated, “Many questions and jokes about My Space.simple answer - we screwed up in every way possible, learned lots of valuable expensive lessons,” (sic).

He wasn’t wrong.

News Corporation bought MySpace for $580 million in 2005. It was sold to Specific Media and Justin Timberlake for just 6 percent of what News Corporation bought it for, approximately $35 million, last year. That’s not just an expensive lesson; it’s a very, very expensive lesson! Ironically, Mr. Murdock, himself, admitted to shareholders in October 2011 that, “I made a huge mistake…We bought it [MySpace] for $600 million. We could have sold it for $6 billion a month later.” Hindsight can be cruel sometimes!

 

Why Did MySpace Turn Over and Die?

In one word: Facebook.

Unfortunately, for News Corporation, Facebook was launched a year after they purchased MySpace. It doesn’t take a genius to realize who won the social media battle. It wasn’t that MySpace didn’t put up a fight; In the 6 years News Corporation owned MySpace, it tore up and threw away 3 chief executives and had several ‘born again’ re-launch attempts as it battled Facebook for users and advertising clients. Alas, nothing it did worked. Facebook became unstoppable and News Corporation finally waved the white flag and sold MySpace at a huge loss.

How Will the New Owners Save MySpace?

The first wise move the new owners made was to distance MySpace from Facebook. Or rather, they have returned MySpace to its original roots and re-launched it as a music player and hub for new music discovery. This was the heart of MySpace when it was first launched and is what made it so popular. Had News Corporation not pushed the musically driven site in completely the wrong direction and headfirst into a social networking slaughter against Facebook, they may have found themselves running a profitable company, rather than shamefully selling MySpace and suffering a sickening financial loss.

Specific Media and Justin Timberlake, thankfully, appear to realize the true value of MySpace and like a Phoenix rising from the ashes…they have once again turned MySpace into a music-centred, socially driven site.

And what has been the effect of this reversal? The site has attracted 1 million new users in the last 2 months. It’s first growth for over 2 years

 

Facebook_MySpace logMySpace Thanks Facebook

In an odd twist, it appears that some of MySpace’s new-found success can be contributed to its, “integration with Facebook and Twitter”, according to Chris Vanderhook, MySpace’s chief operating officer.

Rather than battling the social media rivals; MySpace has emigrated back to its music market roots and is now utilising the power of Facebook to attract new users. As MySpace is not competing against Facebook anymore, users can use MySpace for their music needs and Facebook for their social networking needs, easily moving back and forth between both sites. 

Facebook now respectfully acknowledges MySpace as a separate useful resource, rather than a direct competitor, leading to the end of social media war between the two and new freedom for MySpace to flourish and grow.

Though, MySpace does have the small issue of Spotify and other music-driven sites to contend with…


Tags: Facebook  MySpace  Facebook and MySpace  Facebook vs MySpace  Facebook beats MySpace  Facebook or MySpace  MySpace music  Specific Media and Justin Timberlake  New MySpace 



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