MySpace goes live

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Published on August 2, 2023 2:23:45 AM ● Video Link: https://www.youtube.com/watch?v=GENx4I_X6xE

Duration: 0:58

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MySpace was co-founded by Tom Anderson and Chris DeWolfe who were working under the corporate umbrella of the somewhat disreputable eUniverse (among other things the company had been accused of using Spyware to track people and sell that data).

In 2005 eUniverse, which had become Intermix Media, was acquired by NewsCorp (Rupert Murdoch’s company) for $538 million with most of that value being ascribed to MySpace.

While a massive legacy media company might have benefited greatly from the platform that was deeply involved in early days of music and video streaming, it seems that NewsCorp was more interested in extracting as much value as quickly as possible and this meant more advertising and less expenditure on moderation, maintenance and evolution.

Unfortunately by 2006 Facebook had begun to get its recipe just right and
had also spent some time focusing on growing outside of the US, an area MySpace had somewhat neglected.

By 2007 Facebook was luring increasingly frustrated US MySpace users to its platform and by 2008 Myspace, once the most visited website in the world (more popular than Google and Yahoo), was losing millions of users a month to Zuck’s baby…which, ironically, he had tried to sell to them in 2005 for $75 million.

By 2011 the company once valued at $12 billion was sold for $35 Million.

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