Posted by Interns of Seidel Media
Remember that giant social networking powerhouse called MySpace? It was the most popular social networking site in the U.S. from 2006 through 2008 but was taken over by Facebook in 2009 (currently the second most popular site in the U.S.). MySpace has since changed its name (to Myspace), its logo, and redesigned its website several times despite steadily losing visitors to Facebook. Myspace has even changed its target audience and most recently, changed owners. News Corp finally sold Myspace to Specific Media for $35 million in 2011 after buying it in 2005 for $580 million which is an insanely huge loss. Super pop star/actor/producer Justin Timberlake also purchased a substantial chunk of Myspace in hopes of bringing sexy back.
So what is Myspace good for now? Around 2006, Myspace was experimenting with allowing small businesses to promote themselves through pages and ads, but they were not as effective as Facebook. Myspace is, however, an ideal website for the entertainment business. Myspace has become very music and film prominent. As a matter of fact, the first thing that comes to mind when a lot of people think of Myspace is music. This is great for huge major stars, directors, producers and musicians to promote their work as well as the much smaller almost “underground” entertainment companies to showcase their stuff. Just look at bands and musicians like Panic! At The Disco, Lilly Allen, Kate Nash and The Devil Wears Prada who owe much of their success to Myspace.
Unfortunately, other small businesses outside of the entertainment business would have a hard time advertising on Myspace. Myspace teamed up Citysearch to start MySpace Local, a virtual directory of local businesses essentially made “to promote [themselves] and communicate with consumers through a social lens.” Which was brilliant on paper but has since been scrapped to focus on the social entertainment aspect.