WHY MYSPACE ULTIMATELY FAILED
Myspace was a social network that allowed users to create and customize their own profile.
It became particularly popular within the music scene since users could follow artist pages.
The platform’s most beloved figure and every user’s first friend was co-founder Tom Anderson – or rather
Tom from Myspace
as many would get to know him.
Myspace, a mere two years after its launch, was acquired by News Corp (now Fox Corporation) for $580 million in July 2005.
Unfortunately, News Corp didn’t really know how to manage a social network. After a series of missteps, it sold Myspace for $35 million in 2011.
These days, Myspace is primarily a lifestyle news site that has a few social networking components such as promoting up-and-coming artists.
But why did Myspace, once the world’s most popular social media platform, ultimately fail?
Myspace offered a fairly poor user experience.
For example, its site was hard to navigate and plastered with ads, causing pages to load slowly.
Myspace wasted money on multiple initiatives that never took off. For instance, it spent $120 million to establish
, which failed to garner much interest.
Lastly, Myspace was also engaged in various legal battles due to sexual assault, copyright infringements, and other issues that were associated with the platform.
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