myspace.cmyspace.comom

remixed remixed

Source:

Fast company. Issue 174 April 2013

What do the What do the following following companies have in companies have in common?common?Lycos

NetscapeExciteGeoCities

myspace.com myspace.com portal (old)portal (old)

myspace.comyspace.commIt was purchased by Rupert Murdoch

and News Corp. for 580 million in 2005In 2006 it was the most visited site on

the entire webIn 2011 it was purchased by 35 million

(6% of what news corp. paid for it 6 years ago) by Chris and Tim Vanderhook

It may make a web revival. Can it do it?

myspace facts myspace facts & figures& figures

It offers direct link between musicians and fans

When the Vanderhook brothers bought the site in 2011, it still had 35 million monthly users

Expensive to replicate technology

The largest free music catalog online (52 million songs)

Chris and Tim Chris and Tim VanderhookVanderhookThey are the 4th management team

for myspace.com in 18 monthsSince they have acquired the

company, they have made drastic cuts (mainly in personnel)

They have recruited Justin Timberlake◦He (Timberlake) has done recruiting of

his own with other Hollywood big wigsThey have a different idea for the

“new” myspace

The The visionvision for the new for the new myspace.commyspace.com

A monumental challenge (to turn myspace.com around)

They face stiff competitionThe model they want to promote is

that they want to be a central portal for◦Musicians◦Photographers◦Videographers

They also want to gather data from fans and eventually sell event tickets

myspace vision myspace vision is to be the one is to be the one stop place for:stop place for:Music StreamingPhoto GalleriesMusic VideosWritten ArticlesSharing PlaylistsWin discounts on tickets for

concertsA loyalty program will enable users

to earn discounted merchandise

myspace.com myspace.com portal (new)portal (new)

The Challenge and The Challenge and the Future of the Future of myspace.commyspace.comThe Vanderhook brothers need to

team up with people that are willing to give this brand another chance

According to many analysts, only 20 percent of brands turn around

A resistant society of teens (who may think going back to myspace.com is “not cool”)

Competition from other sites

Lessons to be Lessons to be learnedlearnedAmerica On Line (AOL)JC PenneyEbayOld SpiceMontgomery WardsFedco

Questions for Questions for analysisanalysisWhy do you think myspace.com popularity

fell?Do you think that the new myspace.com

can make a comeback as a social media leader? Why or why not?

Will you go back to myspace.com, why or why not?

Look for two examples of other online or brick and mortar companies that have gone out of business and have tried to make a comeback, explain what happened and what did they do to make a comeback?

References / SourcesReferences / Sourceshttp://findlogo.net/images/L/lycos

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