Do you remember MySpace? Well, if you are a musician, you may have never left MySpace because the site went from being the hottest social media site around, to becoming a place where musicians could build an online presence. I am not sure what happened and how they lost their market share to Facebook; perhaps it was the buyout by Rupert Murdoch’s company News Corp. In fact, he admitted that it was a big mistake for them and a big learning lesson. The cost? $545 Million! That’s a big lesson. Murdoch bought MySpace in 2003 for $580 Million and just sold it to Justin Timberlake for a mere $35 Million.
So can Justin & Company do it? I’d say they have a shot. For one, he is much closer to the social media demographic than Murdoch, and let’s face it, old school media companies, still don’t get a lot of what is going on in the online world, as evidences by the fact that they think people will pay for the news online. Perhaps, we will get there someday, but I don’t believe it will be anytime soon.
What do you think? Will you re-engage on MySpace anytime soon?
P.S. – I didn’t think I would be doing a positive MySpace related post anytime soon