Myspace to Be Sold to Specific Media for $35 Million
Myspace, once the most popular network site in US, was sold to Specific Media, an advertising network, for $35 million. 6 years ago, News Corp.paid $580 million for the site. According to Tim Vanderhook, Specific Media CEO, “Myspace is a recognized leader that has pioneered the social media space. The company has transformed the ways in which audiences discover, consume and engage with content online.” But now, it faces the situation of transforming into socially-activated advertising site, which could “enables brands to turn their campaigns viral by allowing users to share their favorite ads with friends”.
Is that the prediction for the falling of all Social Network Media? Well, I don’t think so. Facebook holds 750 million users right now, and its online ad revenue hits $2 billion in 2010. According to Mark Deuze,”The promise of online communities tends to be as to be seen either to bridge existing social divides, or to bond people with similar beliefs.” (Deuze, 2007)This is because people all have the needs to be connected to others and to the society, both online and in the real life.
Among the example listed in Page 33 (Deuze, 2007) from ”Media work”, Q-zone in China is still booming: as of March 2011, it already had 480 million users, 150 million Qzone users update their accounts at least once a month. With the help of Q-zone and other online service, Tencent is now growing into the most powerful online platform and the largest Internet community in China.
What makes the big difference? Some argue that Rupert Murdoch from the traditional media do not even know how to manage a social network site, he put lots of his energy on how to make money from the large basis of users of Myspace and thus ignore how to improve user’s experience. Some say the pace for creating new products is too slow in Myspace. Also, compared to Facebook, the networks on Myspace is more based on personal interests instead of relationships, which undermines the interaction among users.
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