Oh MySpace, What Happened?
It seems like yesterday I was cutting and pasting html into my MySpace account to get new backgrounds and songs, growing my fledgling friends list, and enjoying the social networking game. But now, a few years later, and News Corporation’s first attempt at social networking has fallen from grace. I am not certain what happened and how, but the likes of Facebook and Twitter proved to be more appealing than MySpace.
Tech analyst Comscore put out some staggering numbers: From January to February of this year MySpace lost 10 million users, 63 million users down from 73 million users. Even though MySpace has gone through a series of changes, focusing on music, the company cannot maintain its user base. At this point, no one at MySpace seems to know how to save it.
This should be a warning sign to all in the social playground.
Year on year, MySpace has lost 50 million users. With that News Corp. has made the decision to sell. But in the meantime they have cut the workforce by 500. Staggering to think that just a few years ago MySpace was the king of the hill. In 2005, Rupert Murdoch purchased the growing online site for $580 Million, citing that News Corp. needed to be in the digital world. At this point, MySpace would do well to sell for $50 Million.
Amazing the decline and the speed of the decline. The digital social playground has become fierce. Will there be another force on the horizon?