this post was submitted on 04 Mar 2024
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Videos

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(After acquisition they had many misssteps, corporate bureaucracy and competition) What Killed MySpace? (It Wasn't Facebook) [15:12 | May 08 2024 | ColdFusion] (youtu.be)
submitted 11 months ago* (last edited 11 months ago) by jimmydoreisalefty to c/videos
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cross-posted from: https://lemmy.world/post/12701892

Edit:

  • fixed summary errror on 7/8

A lot of people think that Facebook ended MySpace but in reality, this isn't the case. In this video we'll go back to the 2000's to find out what really ended MySpace.

Short Summary

  1. The video discusses the rise and fall of MySpace, one of the first popular social networking sites.
  2. MySpace was initially successful and valued at $12 billion, surpassing Google as the most visited website on the internet.
  3. However, it was eventually overtaken by Facebook due to MySpace's own missteps.
  4. The video also mentions the early days of social media with sites like Friendster and the quick development of MySpace using ColdFusion.
  5. MySpace was acquired by Rupert Murdoch's News Corporation for $580 million in 2005.
  6. Despite its initial success, MySpace began to decline after being acquired, facing challenges such as corporate bureaucracy and competition from Facebook.
  7. By 2007, Facebook was gaining momentum, and MySpace's user base and value began to decline.
  8. MySpace struggled with meeting financial objectives, prioritizing monetization over product quality and user experience.
  9. News Corp sold MySpace in 2011, and subsequent redesigns failed to revive the platform.
  10. MySpace shifted focus to music but struggled to differentiate itself from other websites, while Facebook expanded its services and user base despite facing criticism.
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[โ€“] Anticorp 2 points 11 months ago* (last edited 11 months ago) (1 children)

MySpace was never seriously valued at 12B. Citation needed

MySpace didn't decline after the Newscorp buyout, it nose-dived while burning. Newscorp wiped the fucking user database after buying MySpace. How stupid do you need to be to spend $580 million dollars for a website and immediately delete the user database? Most people that used the site were checking out Facebook at the time of the acquisition, but still using MySpace. Then all of the sudden their pictures and posts were gone! That led to everyone just going "fuck it, I'll stick with Facebook".

The site was valued at $36 million one year after Murdoch bought it for $580M. That was the biggest internet loss until Musky boy lost 44x more money with his Xwitter acquisition.

Tom is the only website owner I've seen who built something that changed the world, got a big paycheck, and fucked off to enjoy the rest of his life. He didn't pursue power and billions of dollars. He didn't have an insatiable lust for more. He took his money and rode off into the sunset. We need more people like Tom.

[โ€“] jimmydoreisalefty 2 points 11 months ago

Thanks for the adding on!

Tom just wanted to be everyones friend!

True, one of the few that created social media site and is off the limelight!