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Today’s Note: MySpace Redux

February 14, 2012

Remember MySpace? You probably haven’t thought about it in years. In today’s, “First Facebook Killed MySpace. Now It’s Saving It”  by Jeff Bercovici tells us that “When News Corp. bought MySpace in July 2005, it was worth $580 million, at least toRupert Murdoch. When it sold the site last June, to an advertising network owner called Specific Media, it was for a mere $35 million. In between those two events, another social network went from a few million users to more than 750 million. That network, of course, was Facebook, and, for all practical purposes, it killed MySpace.” [italics, here and elsewhere, are mine]

But there’s a kicker. Today, MySpace is flourishing. In fact,

here’s a certain irony in today’s news that MySpace, under its new owners, is growing for the first time in years, having signed up 1 million new users over the past two months. That’s a meaningful uptick in usage, and Chris Vanderhook, MySpace’s COO, credits it largely to “integration with Facebook and Twitter.” In other words, Facebook has gone from MySpace killer to MySpace savior (potentially).

Really? Really. And a lot has changed. According to Bercovici, “the MySpace that’s now growing is a very different MySpace than the one that spent years languishing as part of News Corp. It’s no longer a social network per se but rather a social-powered discovery engine and player for music and other forms of media. Its competitors aren’t Facebook and Twitter but Spotify, Rhapsody and Pandora.”

The article is short, but well-written and it hits it’s spot. Take a few minutes to read it.

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