MySpace Sold for $35million - Could it Become Musicians Paradise Again?
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Friday, 01 July 2011 |
Written by Elliott Batte
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MySpace, one of the world’s (ex) leading social networking sites, was bought days ago for a pretty paltry $35million.
Compared to the $580million Rupert Murdoch’s News Corporation paid for the now struggling website, which used to be one of the hottest properties around, the selling price was literally millions below expectations and looks to be one of the biggest bargains buys of recent times – but will the acquisition of MySpace, now in the shadows of Facebook and Twitter, prove worth it for advertisement firm buyers Specific Media?
MySpace was a great networking site which allowed hugely customisable profiles and is seen by most as the original social network. It also did a brilliant thing for musicians, by letting artists and producers put their tracks online and promoting them to the millions of users who used MySpace every day. I’m sure you as well as I can remember finding a band on MySpace and moving them up your top friends as you got more and more into them! Musicians remain some of the only users of the now obsolete site.
A lot of the details regarding the move have been disclosed although it has been thought that the buy was mainly in stock and shares. Funnily enough, The Social Network star Justin Timberlake has been confirmed as one stakeholder in the company.
“There’s a need for a place”, said Timberlake, “where fans can go to interact with their favourite entertainers, listen to music, watch videos, share and discover cool stuff and just connect. MySpace has the potential to be that place”
Whether MySpace becomes that place, a hugely publicised advertisement space or remains a stagnant has-been company is completely unclear at the moment – the site could take off or stay rooted the bottom floor. All I know is that I am not moving from Facebook.
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