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The Rise and Fall of Myspace

Dec 4, 2024

Rise and Fall of Myspace

Introduction

  • Myspace was one of the first social networking sites to reach mass adoption.
  • It was valued at $12 billion and had more visits than Google at its peak.
  • It was a platform to share music, videos, and meet new friends.
  • Facebook eventually overtook Myspace due to Myspace's own missteps.

Background

  • 2000s Era: Napster, mp3 torrenting, iPods, Zooms, hip-hop, emo, YouTube.
  • Friendster: A precursor to Myspace, a social network from Malaysia created in 2002.

Creation of Myspace

  • Founded by Chris DeWolf and Tom Anderson at eUniverse, inspired by Friendster.
  • Developed using ColdFusion in 10 days; launched in 2003.
  • Rapid growth and massive popularity.

Acquisition by News Corp

  • 2005: Acquired by Rupert Murdoch's News Corporation for $580 million.
  • Missed opportunity to purchase Facebook for $75 million.

Peak and Problems

  • 2006: Surpassed Google as the most visited site.
  • 2007: Dominated social networking with 80% of the market.
  • Corporate challenges: Reporting to executives led to corporate bureaucracy slowing innovation.
  • Focus on monetization harmed user experience: Annoying ads, spam, and a seedy reputation.

Technical and Strategic Issues

  • Built with outdated software not suitable for rapid scaling.
  • Failed to allow external developers to build apps, unlike Facebook.
  • Architecture and spam/malware issues.
  • PR crisis with minors exposed to adult material.

Decline

  • 2008: Facebook overtakes Myspace in global users.
  • Rupert Murdoch shifts focus to other ventures; founders resign.
  • Massive layoffs and leadership instability.

Sale and Attempts at Revitalization

  • 2011: Sold to Specific Media Group and Justin Timberlake.
  • Multiple redesigns focusing on music, yet with no significant success.

Legacy and Conclusion

  • Tom Anderson: Now retired, enjoying photography.
  • Myspace is a case of missed opportunities and mismanagement.
  • Ultimately, Facebook's triumph was due to Myspace's failures.

Conclusion

  • Myspace remains a nostalgic memory for many, despite its dramatic fall.
  • Lesson: Success isn't about being first, but being adaptable and innovative.

Feel free to share your Myspace memories and thoughts on how social media has evolved! If interested in more content on social media's impact, consider watching additional related videos.

Full transcript