View From the Spire: Dead and Buried

Each year, 24/7 Wall St. regularly compiles a list of brands that are going to  disappear in the near-term. One of this years selections is MySpace.

MySpace, once the world’s largest social network, died a long time ago. It  will be buried soon.

News Corp bought MySpace and its parent in 2005 for $580 million which was  considered inexpensive at the time based on the web property’s size. MySpace  held the top spot among social networks based on visitors from mid-2006 until  mid-2008 according to several online research services.

It was overtaken by Facebook at that point. Facebook has 700 million members  worldwide now and recently passed Yahoo!  as the largest website for  display advertising based on revenue. News Corp was able to get an exclusive  advertising deal worth $900 million shortly after it bought the property, but  that was its sales high-water mark. Its audience is currently estimated to be  less that 20 million visitors in the US.

Why did MySpace fall so far behind Facebook? No one knows for certain. It may  be that Facebook had more attractive features for people who wanted to share  their identities online. It may have been that it appealed to a younger audience  which tends to spend more time online. News Corp announced in February that it  would sell MySpace.

There were no serious bids. Rumors surfaced recently that a buyer may take  the website for $100 million. The brand is worth little if anything. A buyer is  likely to kill the name and fold the subscriber base into another brand. News  Corp has hinted it will close MySpace if it does not find a buyer.

To read about other brands on their way to the morgue read here.

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About davidmorganjenkins
I am an experienced international, commercial, strategic business leader delivering customer focussed initiatives for world class leisure & sports brands. I have a credible track record of leadership and senior management experience in particular with business operations, marketing & business development within leisure, sport, ecommerce/retail & B2C sectors. I have a unique creative vision, supported by sound financial management & budgetary responsibility having increased brand awareness, sales & core revenue by 60% & profit 200 % at Football Aid over a 3 year period. In parallel, I am centred on attention to detail ensuring a consistent product offering and the greatest possible customer experience. This is delivered through strong collaborative teamwork and creating a culture of creativity, determination and enthusiasm amongst team members. I possess an ability to cement & develop relationships at all levels and can easily engage, report to & upwardly manage share & stakeholder alliances ensuring delivery of business objectives. Key skills Developing & implementing business plans focussing on sales, profits & volume Bringing sales & marketing strategy to life to inspire customers; making visions/dreams a reality Customer service; driving enhanced customer satisfaction & delivering a reputation for excellence Developing, influencing & implementing plans & partnerships that deliver competitive advantage Effective planning & delivery of multiple channel, venue & geographical programmes & projects Leading & managing operation, marketing & business development teams to believe in their ability to succeed Experience headlines Commercial; sales, strategy, development, marketing, sponsorship, promotion, customers service Business administration: P&L, performance, improvement & operational management Marketing & brand; communications, brand management, development & membership/loyalty Ecommerce & retail; FMCG, optimisation, data (CRM), social media, SEO, PPC & affiliates Technology; CRM, web TV, new media, smart phone/iPhone applications

2 Responses to View From the Spire: Dead and Buried

  1. Pingback: View From the Spire: MySpace Reborn! « Fettes Management

  2. Pingback: View From the Spire: MySpace is reborn (already!) « Fettes Management

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