Caleb Koo, Jiawei Wang, Andre Rauch, Abdulselam Ahmed
Deliverable 1 For our company analysis, we chose Myspace. Myspace is a social media site that once dominated social media industry in 2003/2004 (Stenovec). Myspace was purchased in 2005 by News Corporation for $580 million, and had a total of 74 million unique visitors a month surpassing Google and Yahoo in 2006 (Mitchell). Since then the user base has declined and it is no longer the world’s most powerful social media site, losing that title to Facebook sometime after 2006 (Mitchell). In 2012, Justin Timberlake jointly purchased the site for $35 million dollars, and has since helped rebrand the site to target bands and musicians (Mitchell). The site now averages about 25 million users per month (Mitchell). We choose Myspace as our company because it was our “first love”. For the members of our team, it was our very first exposure to social media through the internet—a world yet to be explored with endless possibilities. When we were younger, Myspace was the most commonly used social media website. Everyone in our schools had a Myspace page, and the best part was that each individual’s page was custom made with their own background and music to go with it. Even going back to Myspace today gives us a bit of nostalgia, and we want it to come back to life. Due to its history, it has a relatively well-known and has a large number of users, and we believe there is large potential for growth and opportunities for reaching unexplored market segments.
Another reason we choose Myspace was because it’s a social media page that is doing extremely poorly. We believe that while there is potential for growth, there are a lot of changes that can be made to create a bigger brand presence. We are also interested in exploring why Myspace had been beat out by other social media sites such as Facebook, Twitter, Instagram, etc. Its decline was tremendous, and