Making Sense of Social: The return of MySpace?
The biggest news in social media last month was the surprising data released by the oft-forgotten social media pariah MySpace. In early February, MySpace claimed to have added more than a million new users in December and to be adding 40,000 new members daily. Say what?!
Well, here’s what’s been happening since you last visited the site – which was probably like 4 years ago, right? Right. Justin Timberlake brought sexy back and he’s partly to celebrate for bringing MySpace back, too. He and a group of investors bought the platform from Rupert Murdoch’s News Corporation for $35 million last June. It’s worth noting the deal they got. Murdoch bought it for $580 million in 2005.
MySpace Music Player launched in December, including access to a large library of free songs … so large they assert it’s the world’s largest collection of free music. Look out, Pandora, Spotify, Rdio, last.fm and other new kids on the block. MySpace is reinventing itself and reclaiming its identity in the socialsphere.
It’s really all about focus. Companies who find a niche and create products and services valued by the public do well. Those who don’t, lose subscribers and interest quickly. MySpace knows. They lost 10 million members in March 2011.
Stay tuned. I suspect this will be fun to watch. It will either be a case study in success or failure. There’s not a lot of room for mediocrity online. But MySpace’s staying power is already showing in the buzz they created at the end of 2011 and in their ability to capture headlines this year. Besides Pinterest and the Facebook IPO, it’s been one of the most intriguing social media stories, and there’s an inherent success in that alone.
You can find me @brigflood and at makingsenseofsocial.com (but not on MySpace again … yet).