The numbers tell the tale of MySpace. Visitors? Down 20 percent in the last two years. Profits? None: It loses "below $100 million a year," according to the company. Value? Just over half the $580 million News Corp paid to acquire the social-networking site in 2005, says Alan Gould, an analyst at Evercore Partners.
On Oct. 27, MySpace unveiled a "dramatic remake," as News Corp.'s chief digital officer, Jon Miller, puts it. After years of cluttering its pages with distracting ads and features, MySpace is reversing course and slimming down. It hopes to lure back the lucrative under-35 demographic that has abandoned MySpace for Facebook, the top social network in the U.S. In September, Facebook drew 148 million visitors; MySpace had 58 million...
For MySpace, a Fresh Coat of Paint - BusinessWeek
Hmm, 58 million visitors in a month, maybe My Space isn't quite on the ropes just yet!
Yep but the demographic is all messed up on Myspace, its all bands and teeny boppers who funnily enough don't have that much disposable income. The conversion rate on PPC is pretty bad. prime example: I am not what you would call a popular music person I like to listen to up and coming musicians, so I do use Myspace I find a band I like I listen to there tunes and then buy there album direct, so MsSpace have facilitated my need for some fine tunage but they have not achieved a conversion. Stavros
Way way way to late to be honest they should have done this sort of stuff when they first started to lose business to Facebook, They have had there time and lost it! Thanks, Kevin.Wiles
I would definitely say it is too late for MySpace, but hey, they could suprise us...  I don't know a single person with a My Space account anymore and as someone else mentioned, it does seem to be filled with aspiring bands and their 'fans' Melanie
I don't really think its going to be able to make the comeback it thinks it can. It's going to be a lot of hard work trying to get people away from facebook. We even use facebook for business, and I don't really see businesses and internet marketers trying to get sales on myspace. (and then not to mention google +1) Unless they can revolutionize social bookmarking, I don't really think they stand a chance. Thanks, Dreamraven
Thought'd I'd have another look at Myspace to see if they've done anything, as this thread is nearly a year old. It looks like they have completely re-positioned themselves now as a music channel, with music news, rock news, pop, indie, artists, mymusic etc etc. Notice there's even Facebook connector on the home page! The description tag shows their transformation from general social media site to purely music/entertainment based. "Myspace is the leading social entertainment destination powered by the passion of fans. Music, movies, celebs, TV, and games made social" So maybe the future is brighter, they are now no longer competing with Facebook, but actually marketing themselves on it, and they are never going to be a business advertising medium (unless you're a band  )They are obviously still popular and have carved out a niche in the music world, but be interesting whether they have turned this into a viable commercial venture?
oh wow, I hadn't realised that! Shows how long it's been since i visited My Space. Quite interesting though, especially the facebook connector! Melanie
That must a killer blow for any business to take. Replacemyscreen.co.uk |
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