The Cry Baby is on sabbatical ....

Sunday, March 27, 2011

MySpace loses 10 million unique visitors in a month

In 2006, MySpace was the most popular social networking website in the the United States, likely the world. Now, they are barely clinging to life, hemorrhaging over 10 million unique users between January and February, according to Tech industry analysts comScore. Year over year the site has lost almost 50 million users, down from close to 110 million in February 2010. Rupert Murdoch must be cursing under his breath having bought MySpace for US$580 million in 2005, only to wake up and realize he bought the now defunct "Friendster" by accident. Remember them?

Made irrelevant by Facebook, MySpace decided in 2010 that is was not a social networking site competing with Facebook, but a music site targeting young people. BTIG analyst Richard Greenfield said, "Most investors have written off MySpace now."

It appears to be a case of too little, too late. With a new round of layoffs MySpace seems to be in a death spiral. I think the music focus is a great idea, albeit likely too late. Had they focused in this direction earlier, they may have pulled it off – there is a huge market for indie music but unfortunately a lot of competition for it now.

Do I have a MySpace page? Yes. When is the last time I accessed it? Can't remember.


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