WHY MYSPACE ULTIMATELY FAILED

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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.

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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.

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Myspace, a mere two years after its launch, was acquired by News Corp (now Fox Corporation) for $580 million in July 2005.

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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.

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These days, Myspace is primarily a lifestyle news site that has a few social networking components such as promoting up-and-coming artists.

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But why did Myspace, once the world’s most popular social media platform, ultimately fail?

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Myspace offered a fairly poor user experience. For example, its site was hard to navigate and plastered with ads, causing pages to load slowly.

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Myspace wasted money on multiple initiatives that never took off. For instance, it spent $120 million to establish Myspace Music, which failed to garner much interest.

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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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