Guess who’s back? Back again? MySpace is back! Tell a friend! MySpace’s new edgy and sleek design suggests the former social media powerhouse is ready to compete against some of social media’s biggest contenders!
So far, the company has invested in over $20 million dollars to advertise their innovative design. Furthermore, MySpace unveiled their new design June 12th and features a new mobile application, an embedded radio station similar to Spotify or Pandora, and a creative homepage that may entice users and artists alike to rejoin the site. By far, the most impressive addition to MySpace is their 53 million shared song repertoire which surpasses some of the most well-known music sharing sites. “We’ve given everyone on our platform their own radio station. You can go on the desktop, program what you want people to listen to. You become the DJ. It’s for regular people all the way up to Justin Timberlake,” stated Tim Vanderhook, one of the owners of MySpace.
Chris and Tim Vanderhook are confident in their ability to turn the website around. “Everyone had a lot of fun on MySpace at one point. It’s easy to kick it and say, ‘Oh, yeah, MySpace sucks now,’ but everyone had fun on MySpace before. It’s just that they didn’t keep pace with technology and they didn’t keep up with the times.” Also, MySpace users will be able to create animated GIFs using the new MySpace application for iOs.
Originally, MySpace was known for the music. Some of today’s biggest stars started their music career on MySpace. Colbie Caillat, for example, became extremely popular after she posted the catchy single “Bubbly” as well as other songs online and accrued over 34 million hits. Katy Perry’s “I Kissed a Girl” soared to the top of MySpace charts and secured her a spot in the music industry.
In 2005, MySpace became the hottest site on the web! An astonishing $900 million dollars in revenue was earned in 2008. Then, shortly after the site’s rise to success, trouble started brewing for MySpace and the company consistently started to lose profit. In 2011, MySpace’s expected revenue was projected to only reach $109 million dollars, a significant decrease from their 2008 revenue. Tom Anderson consequently sold the website for a mere $35 million dollars.
According to the Vanderhook brothers, “For us, it’s about staying focused on music and really ensuring that we deliver a winning experience. I can’t really say when we’ll start to broaden that scope, but if we stay focused we’ll be successful and that will allow us bigger opportunities.”
Meanwhile, music artists like Justin Timberlake have already invested their money and time into the company. Can MySpace stay relevant amid other popular social media websites?