• Team Business-360°

How Myspace became a "has been" from an "It" brand

It all started in 2004. Almost every 90s kid remembers (or at least has heard of) one of the most iconic social networking sites, Myspace. Although it started off as a spin off brand of Friendster, by 2005, it had more than 20 million users. By 2006, it became the most visited site in the United States. It was visited more than Google search and Yahoo! Mail! People could customise their page, stream music, post blogs and even connect with people all under one roof. Myspace was even reportedly responsible for 80% of all social media traffic. “How did Myspace fail?” you ask? Well, for a whole list of reasons actually.

Myspace got most of their revenue from advertisements. Investors and partners insisted for them to increase the number of advertisements on their page, causing an overload and a really messy look compared to their new and upcoming competitor, Facebook. Another reason for their downfall was their management. Myspace was created and managed by people from the entertainment industry and not tech experts. This, coupled with the constant change in their managers caused them to lose around 50% of their users. Their poor public image caused parents to worry for their children’s safety, especially when the site was under investigation for allegations of child pornography. Their lack of innovation, stagnant design and even buggy software ultimately caused people to shift from the site to better options such as Facebook or even Twitter.

Myspace unfortunately underestimated their competition causing them to become background noise under their competitor’s success.

Read more about their highs and lows here:

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