Last June when the digital media firm Specific Media bought MySpace for a handful of trinkets and beads (about $35 million-but far less than the $580 million NewsCorp paid for it in 2005) many in the business wondered what they would do with a service which was showing a sharp decline in users and a social media future which seemed to be overshadowed by behemoths like Facebook and the forthcoming Google+.
Here we are a scant seven months later and MySpace is showing signs of growth. In fact, a recent deal with Facebook which allows users to sign-up for MySpace through their Facebook account has helped them gain a reported 1 million new users in the last month. If you do the math that’s almost a whopping 38,000 new users every day.
How did they do this? By playing to their strengths. MySpace may have been faltering as a general purpose social media network, but as a social media platform for musicians and the people they cater to, it was still very much alive and kicking. So, MySpace decided to build on that base and reach further into the music industry. As a result they now have the largest free music library of any online service, boasting more than 40 million songs, which is more than Pandora and Spotify combined.
This has further solidified their reputation as the go-to social media network for people who like listening to music. Their MySpace Music Player, which offers unlimited and on-demand music and radio, is proving very popular with users and is filling an obvious niche which they helped create.
What you should be asking yourself right now is, what are my strengths and how can I make better use of them? You surely have some areas of strength, no matter what the shape of your current social media network. Identify those strengths, use them as your base and build upon them and you will be well on your way to success.
In business there are no guarantees of success, but you certainly can do a few things to put the odds in your favor. Playing to your strengths is definitely one of those things.
According to The Guardian, MySpace’s Facebook app, which lets users join directly via Facebook, went from 900,000 monthly active users in mid-January to 1.6 million users as of today.
MySpace was bought out in June for $35 million by digital media firm Specific Media, which is a fraction of the $580 million that Rupert Murdoch’s News Corp. paid for it in 2005. These new owners are said to be focusing more on music rather than purely social networking.
“MySpace is building meaningful social entertainment experience around content, where consumers can share and discover the music they love,” Vanderhook said. “Consumers are getting excited about MySpace again–a testament to a great music product.”