Like the dramatic cliché of the Phoenix rising from the ashes, MySpace seems to be on the rebound and it has one million reasons to prove it. The company recently announced that the social network has added one million new subscribers in the last one month. This tremendous growth translates into 40,000 new sign-ups per day, something even Facebook and Twitter would be envious of.
CEO Tim Vanderhook says this spike in subscriptions is only the beginning as he attributes the success to a robust and innovative product. What may not be so obvious about the social media company that was hamstrung by the entry of Facebook is that it is no-longer a social media platform in the traditional sense it was. It has morphed over time to become what it is today, a music sharing and recommendation service with a social twist.
What is even more interesting is the fact that signing up uses a Facebook social login, something rather ironic when you consider the fact that Facebook was responsible for the old MySpace coup. But all that aside, the new MySpace comes with a swanky new music player that plays music seemingly endlessly. The new player, launched only recently, seems to be the single driving factor that is reviving interest in the social website.
Some folks who will not be happy with the new developments include Rdio and Spotify, both of which angle for the same niche and who will be appalled by the 42 million songs MySpace claims to have. It will be interesting to see MySpace use the very service that killed it initially to go after other markets in a quest for domination.