According to Bloomberg News
News Corp.’s MySpace is introducing a new website design with a focus on younger users in a drive to stem subscriber losses and distinguish itself from Facebook, the biggest social network.
Starting today, most U.S. users will be able to access the site’s most-popular music and videos, updated in real time. They can choose between homepage views and earn rewards for postings, according to Beverly Hills, California-based MySpace. The new version will be available worldwide by the end of November.
The strategy hinges on drawing 13-to-35-year-olds seeking an entertainment- centric social network separate from parents and other adults on Facebook, MySpace President Mike Jones said in an interview.
“This is a full rethink,” Jones said. “This is an entirely different product.”
I honestly don’t know what to say here. You have to respect the effort to get MySpace back into the view of social media practitioners and end users alike but does anyone have the time or the strength to add more social to their network?
Here are a couple of the more noteworthy changes:
-Three different ways or settings to view the site in ranging from ‘traditional’ to a montage / collage of messages, media etc that is updated constantly. Sounds like the ADHD sets answer to a stock ticker which must be the News Corp. influence in the project.
-Loyalty programs and labels / badges for those who demand to quench their insecurity through social media titles.
Probably more telling are the basic financials which start with the $580 million purchase of Facebook back in 2005 for about $580 million. From the Bloomberg article we see just how well this investment has worked out.
If the site doesn’t turn around, New York-based News Corp. will likely sell the business within two years, RBC Capital markets analyst David Bank said. MySpace is worth about $300 million, Alan Gould, an analyst with New York-based Evercore Partners Inc., said in an e-mail.
Whatever the end game, this whole effort and process seems to be putting good money after bad. With Facebook continuing to gain momentum and the landscape changing at a rapid pace it appears as if the likelihood of MySpace squeezing itself into the social media mix again (at least here in the US) is pretty slim.
Since I fall outside their target demo I guess I don’t even need to pay attention or care. Oh, I probably would do that anyway.
What about you?