Week 3 // MySpace and it's fall from grace

Week 3 // MySpace and it's fall from grace

In the last 15 years, social networking sites have gotten bigger, multiplied and have slowly dominated our everyday lives. Throughout the decade we have seen social networking sites such as Bebo, Friendster, Facebook, MySpace, Twitter and a variety of dating sites too. We have seen them rise and fall, proving how disposable each of them can be if they fail to evolve accordingly. MySpace could be considered the flagship social networking site that was embraced by millions of users across the globe and really created the online networking craze.

Originally launched in 2003, it served as an improved mimic of Friendster co-created by a team of four, including the famous Tom Anderson. Originally, the site was only used by team members of eUniverse (now Intermix Media). In order to start up the site, MySpace aggressively held contests with it's team members to see who could sign up the most amount of users. (Percival, Sean (2008). MySpace Marketing.) Eventually, they signed up a massive 20 million users just in it's early stage of launch.

In 2005, MySpace quickly rose as the top social networking site, used by many demographics. In particular, teenagers and young adults. In it's peak, the company had an estimated value of $12 billion in 2007. (Barnett, Emma (2011-03-24). "MySpace loses 10 million users in a month". The Daily Telegraph (London)) But as time went by, any companies wanted to bank on the social networking craze by creating their own platform. Many companies failed, but the now ever so powerful Facebook quickly pulled MySpace from it's peak and it's dominance in the Online Social Networking craze. 

By 2008, Facebook was crowned the #1 social networking site. The blame to MySpace's fall from grace have been pinpointed from many factors. Some including it's failure to focus and evolve it's medium on purely social networking which Facebook and Twitter quickly mastered and polishes. MySpace continued to fish for and sustain it's users by keep it an entertainment platform for music and stuck to it's outdated 'Portal Strategy'. Chmielewski, Dawn C.; Sarno, David (2009-06-17). "How MySpace fell off the pace". Los Angeles Times. Other reasons include MySpace's sluggish servers failing to cater it's growing audience, making the site slower and more stressful to navigate through. MySpace also had a 3 year advertising deal with google which hindered MySpace's efforts to re-vamp it's interface. 

In 2011, CNN had reported that the company was sold for 35million. A massive drop of worth compared to it's peak gross of 12Billion in it's heyday. As of today, it is now co-owed by annoying, douchebag entertained Justin Timberlake. Ugh.



Bless Lohan xoxo