Myspace has been the sinking ship of the social media world now for quite some time. Last year they rolled out a redesign, with a new focus and a new business message. It was goodbye social network, and hello social entertainment hub. An interesting move all-in-all, and businesses started paying attention to it again.
Courtesy of lotphelp.com
But then – just last month, breaking news hit the internet. Murdoch sold Myspace at a tragic loss. Media tycoon, Rupert Murdoch bought Myspace for $580 million dollars, and has now sold it to Specific Media and (of all people) Justin Timberlake for a paltry 35 million dollars.
In its heyday, Myspace was valued at $12 billion – which proves just how unpopular it’s become. Under this new creative management, will Myspace spring back to life, and once again join the social media elite? Right now it’s anyone’s guess. So, should you as a business seeking online brand exposure, use Myspace as a pillar in your social marketing strategies?
Myspace: The Coming Age
While the new Myspace is now at risk of becoming the new, new Myspace due to the fresh owners, the site is still suffering from its old reputation as a ‘music’ site. In the larger scheme of things, Myspace just hasn’t been ‘cool’ since Facebook rose to fame. Now targeted at Generation X and Y users, you’d think that would be a good enough reason to have a solid business presence on the site.
But it isn’t. Chances are, those same people are also on Facebook – and they spend a lot more time on the Zuckerberg platform than on the dwindling ‘music’ site. Don’t get us wrong, Myspace still gets millions of visitors every month, but it’s not as business friendly as Facebook and LinkedIn. It’s also not as fun to use as Twitter. Like most famous things online, it has survived on name alone.
There’s a portion of the market that swear by Myspace, but its getting smaller with each passing day. No-one wants to say it yet, but unless Justin Timberlake is secretly a social media genius – Myspace is doomed. The signs are all there for us businesses to see. If a market-savvy tycoon like Murdoch is jumping ship, it’s pretty safe to assume that we should too. At least until we know where it’s heading.
The Myspace Dilemma
The problem right now is that the future of the platform is uncertain. Will it be revamped again? Will Timberlake use it as a personal performance platform? That’s enough to scare any business away. But seriously, the social media market is simply too packed with other great social sites right now. And ask any marketing expert – there’s only so many times you can refry an old burger. At the end of the day, the juicy new burger is always more appealing.
This goes for users and for businesses. So our message to you is simple. Wait and see. If miracles happen and Myspace is revived, then by all means capitalize on its newfound popularity. In the meantime, focus on the social elite. That’s where your customer is, and that’s where you’ll be able to build a solid business presence online.
Is Myspace heading for an iceberg, or do you think it can be revived? We want to know what you think about this drastic change in the social media world! Leave your comment below!
