A few hours ago as some of the dashing reports came out of the headquarters of News Corp. confirming that the social media company MySpace which is a very common name for a lot of people all around the web has been acquired for $35 million by Specific Media a digital ad network company. So whats behind all this and why did this happen. And finally what will happen the next is what we are here to discuss it with you today.
The company as it is said by a lot of them was the king of social networking some day. Even in the movie the Social Network we see the founder of Facebook Mark Zuckerberg questioning as how his idea would be different form that of Myspace. Any way the guy was finally able to create a website which is the worlds largest social networking website and the image of Zuckerberg has since then turned into that if a rockstar than a simple startup businessman.
“Myspace is a recognized leader that has pioneered the social media space. The company has transformed the ways in which audiences discover, consume and engage with content online,” said Tim Vanderhook, CEO, Specific Media
People may credit Facebook for its easy php coding or simply the advanced user interface that it offers in the terms of its success but what we see here is the downfall of the Myspace which was bagged by New Corporation in its initial years for a jaw dropping $600 million and at that time one of the biggest transaction ever. looking back the deal made today really makes no sense as there is no comparison of the price for which the website was built and the price at which it has been sold out for.
Myspace would concentrate more on its entertainment, live streaming as well as music services now on wards.
So what is the future of the services of Myspace now. Something that we have always seen the company has been good in doing that is the official page for the musicians. I still remember the success of bands such as Metro Station and artists such as Drake who for years didn’t have an official website instead of which they preferred to use their Myspace page as their official site to release news as well as their songs.
This is what the acquisition is about, the company would be now focusing more on the its music services and the entertainment sector as the officials there now are confirmed that the company can never be good at social networking anymore. Also the News Corporation(the former parent) would continue maintaining its 5-10% share in the company reported All Things D.
The CEO, Mike Jones has also given his resignation from the company and would be venturing his way somewhere else.This was confirmed via his letter to all of myspacers and was eventually published by TechCrunch. The email’s urgency was marked as “High” The company may also see Justin Timberlake on its board as the pop sensation seems to be interested in having a stake in the social media sector specially targeting Myspace, reports Mashable.
Hence the company comes to a different point throughout its career and ending the social media revolution handing it over to its good friend Facebook and may see a different face of the web. Our best wishes be with Myspace and we believe that the company may see a great future with being the king of some other sector soon, once again.