Mention "Myspace" to anyone under 30 and they look at you like you've mentioned an extinct species. They're often amazed that anyone still claims to use the site, which has an estimated 27.8 million unique visitors per month and boasts an Alexa ranking of 62 worldwide (yes, a notch or two, or maybe two million, higher than this blog).
But it's not what Myspace has right now that's worrisome. It's what Myspace had and where it's going. In its heyday, Myspace was without doubt the number one social networking site. But on April 19, 2008, Facebook overtook the previously #5 ranked Myspace and it's been pretty much downhill since then. Facebook now is visited by over 40% of global internet users whereas Myspace reaches less than 1.5% (see the Alexa.com chart below).
But the problem is more than Facebook's popularity. Myspace's traffic is dropping precipitously, with approximately a 40% reduction in monthly unique visitors during the past six months alone (see the Quantcast.com chart below).
Selling a burned out bridge?
And now we hear that Myspace is up for sale, with reports from Reuters that Myspace owner News Corp has received "early interest from around 20 parties so far" and expects to have more interested parties as the sales process moves forward.
Can such a purchase be worthwhile to a buyer? Remember, this isn't a manufacturing business with factories, equipment, and massive real estate to sell off. It's a social community with something akin to the plague in the minds of many young Facebook users, where even the mention of Myspace produces a shudder and a look of disdain.
Perhaps Myspace management isn't aware of their dilemma. The search (meta) content description for the site still reads, "Myspace is the leading social entertainment destination powered by the passion of fans." Does someone dare tell them or their 20+ suitors that they're not in the lead anymore? But regardless of who decides to purchase Myspace, the question remains as to whether there is any hope to save what was once the social media standard. Below are three ways to save Myspace from what seems like an otherwise certain demise.
Three ways to save Myspace
1. Integrate (with Facebook, YouTube, Twitter, Flickr, Tumblr, etc.)
The first and foremost way to save Myspace is to harness the power of the other social networking sites and integrate as many of Myspace's features with the features of the other social media platforms, particularly rival Facebook. This isn't an easy task. Facebook has been criticized for its lack of fairness when it comes to allowing users to share their own contacts' data with other websites. Yet, the open development of applications for social media sites is sure to result in more opportunities for the various social platforms to integrate and unite their audiences. If Myspace invests heavily in the integration movement, it might have a chance to play connector to all the other connection sites.
2. Niche Market and Integrate
Myspace has long been the more accommodating social networking site for musicians and bands. It's possible that Myspace could capitalize on this one remaining advantage and focus on the music market. Unfortunately, that might not be enough with sites such as ReverbNation offering substantial competition already. Another option is to focus on the international marketplace, where users may not place the same dying stigma onto the site. However, Myspace will still need to integrate with other social media sites to be successful, again, with Facebook being the main focus. There does seem to be some evidence that Myspace realizes this with some introductions of syncing capabilities with Facebook several months back
3. Revamp and Integrate
Another option for Myspace is a revamping of their image, style, and appeal, and then hope with all their hearts that young users tired of Facebook and wanting the Next Big Thing will decide to bypass growing sites like Tumblr and go to the new Myspace instead. The problem here is that any true Facebook competitor will have to break Facebook's hold on their page information with an application powerful enough to transfer seamlessly the thousands of pictures and friends a user might have in Facebook over to the new platform. Thus, Myspace would again have to integrate with Facebook to have a chance against them.
Notice a Pattern Here? Integration Is Key.
Truly, regardless of the image, market, or direction Myspace will champion, their only chance to survive lies with integrating with Facebook, as well as with the other social media sites. Facebook won't like it (remember, they're already playing hard to get with Google and others), but it may be the consumer in the end who forces the issue and demands that Facebook allow his or her own friend, photograph, and preference data to be transferred to other sites. After all, isn't it about sharing and connecting? According to Facebook, sharing and connecting are sensible.
Be sensible,
Anthony
E-Marketing for Sensible Folk (@sensiblefolk on Twitter)
P.S. A quick perusal of Myspace showed that the under 30 crowd is still signed up, but the first click on a profile showed a status that read, "facebook me, im barely on this anymore." This was posted about ten months ago. Myspace, the clock is ticking quickly... time to get connected!
What strategy would YOU recommend to save Myspace?
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