Myspace that was once a very popular social media platform is slowly fading the hearts of social media lovers worldwide. Myspace used to be the largest platform for online and instant communication in the mid-2000s but slowly went down in revenue and user subscribers in 2010 due to poor management and lack of innovation amongst the team. Currently, the platform is owned by Meredith Corporation who bought the platform on January 31, 2018. In 2005, Myspace gained a lot of publicity and popularity among teenagers. Along the line, a company called Facebook created their own platform for instant and online communication. The Facebook platform slowly gained popularity and publicity and soon became the reigning platform for online and instant communication. Over time, Facebook beat Myspace in its own game and became the most visited site in the cyberspace in 2008. Myspace struggled very hard to keep up, but all efforts turned futile. Myspace soon began to lose value and revenue and was sold to Rupert’s Murdoch Company NEWS CORPORATION for $580 million. While the platform was at News Corporation, it also struggled to keep up with the new media trends and the new trends in technology unlike that of Facebook, Twitter, and Whatsapp which always follow trends and new advancements in technology to make their platform better.
Myspace spent a lot of money buying and renovating new offices around and focused less on bringing up new and innovative ideas to the table. After several losses, News Corporation later put the platform up for sale claiming its one of the worst businesses in history. It was later bought by Specific Media for a meager sum of $35million, a fraction of what it was worth when News Corporation bought it.
Over time, Time Inc. acquired Specific Media, and in turn, Meredith Corporation acquired Time Inc. making Meredith Corporation the parent company of Myspace. Myspace has recently gone through a lot of redesigns in order to make the platform work again as a social media platform competing with the current social media giants, Facebook but all efforts proved futile. As the years passed, it slowly became a platform supporting music and video marketing worldwide, and it is slowly gaining the needed attention. The company so far has started up their own record label, Myspace Records with has, in turn, produces over 53million songs across its platform.
CONCLUSION
Over the years, Myspace has given a lot of benefits to individuals which are:
• Providing Job Opportunities
• Providing Matchmaking opportunities.
• Providing Business Connections and Networking.
Myspace turned out to be a very important product that was used, and so far it helped individuals around the world boost their business and create worthy connections online. I have written a well-detailed article about what happened to Myspace. Go ahead and check it out on our TLC site.