Justin Timberlake's new single headlines MySpace's relaunch.
Have you been missing MySpace? Neither have we, but in case you're curious what the social networking site has been up to, just head over to the homepage and check out the redesign. With celebrity backing from Justin Timberlake, who's mug stares right at you on the homepage, MySpace is offering the artist's new single "Suit & Tie" featuring Jay-Z free to people who sign in to the new site.
If emulation is the sincerest form of flattery, Spotify and Pandra should be blushing. By essentially copying what they do, MySpace might be in the process of reversing its fortunes as the once dominant social networking playground reportedly gets ready to announce a million new users over the past month. That's in stark contrast to losing 10 million users a month, which the site was bleeding as recently as March of last year.
There have been nothing but headlines since Rupert Murdoch joined Twitter less than two weeks ago. After owning an account for just 48 hours, Murdoch managed to offend an entire country by suggesting the "Brits have too many holidays for a broke country." Shortly after, a fake Wendi Murdoch (wife of Rupert Murdoch) account was mistakenly verified by Twitter as real. Never shy of the spotlight, Murdoch this morning went on record saying he and his team "screwed up" MySpace in just about every way imaginable.
The debate over whether or not MySpace could have fended off Facebook with a different set of managers at the helm is one for the ages, however, in a recent News Corp shareholder meeting CEO Rupert Murdoch was pretty candid as to what went wrong, but also deflected the blame. When it came answering questions on their role in mishandling the once dominate social networking giant, Murdock admitted that following the acquisition, “We proceeded to mismanage it in every possible way and all the people involved with it are no longer with the company.”
Researchers at The National Center on Addiction and Substance Abuse at Columbia University just released a study that's sure to ruffle a few feathers, and may freak out parents of Facebooking teens. What the study found is that teens who regularly hop onto Facebook, MySpace, or other social networking sites are much more likely to do things they shouldn't be doing, like drinking alcohol and smoking pot.
Taking advice from anyone associated with MySpace might, on the surface, seem to make as much sense as asking Casey Anthony for parenting tips (too early?), or LeBron James what it takes to win a championship. But let's not forget that, at one point, MySpace ruled the fickle social networking scene, even if only because it didn't really have any competition.
It's official, News Corp. sold MySpace to advertising network Specific Media for around $35 million, and Rupert Murdoch can finally move on. That's far below the $100 million asking price, and even though News Corp. retains a less than five percent stake, if you crunch the numbers, like Arstechnica did, you come to the conclusion that Murdoch and Co. lost over $1 billion on this deal. How can that be when News Corp. bought the social networking site for $580 million?
We might finally be nearing the end of a grueling MySpace sale. News Corp started entertaining take over bids months ago, but no one wanted to pay the $100 million asking price for the faltering social network. As with all things, the true value of MySpace may have found its equilibrium at a rumored price of $30 million. The buyer is said to be a company you’ve never heard of, and likely won’t remember tomorrow.
Remember MySpace? It was the digital playground everyone was playing on until all the cool kids headed to Facebook, sparking a mass exodus and leaving MySpace as the social networking site that once was. MySpace still exists, only it's a shadow of what it once was, and News Corp. would like nothing more than to sell it off. As it turns out, News Corp. may have found a most unlikely buyer.
As you are no doubt aware, MySpace has more or less fallen off most people’s radar. The once great site, acquired by News Corp in 2005, has been on the auction block for several months. The sticking point? No one seems to want it very much.