Does news that MySpace plans to layoff 30% of its workforce signal the beginning of the end for the once-popular social media platform? The layoffs come on the heels of lost ad revenue and market share to Facebook. Some say MySpace has become the new booty call online–not a great tagline when trying to attract big brands. Lost ad revenue sounds a lot like old media, not new.
MySpace was up and running in August 2003, enjoyed strong growth and became the bellwether social media platform. It’s not a stretch to say that Friendster and the more effective MySpace platform really kicked off the social media movement.
In July 2005, Rupert Murdoch’s News Corporation legitimized MySpace and spurred the growth of countless imitators. Facebook, an imitator, may very well be the dagger that kills MySpace, or best case forces it into obscurity. Who knows, it might become an attractive acquisition target for Ted Turner.
MySpace celebrates its 6th birthday in August. It feels like an eternity in Internet years. LinkedIn is 6. Facebook is just over 5 years old. Twitter is 3. Marketers are spending loads of time trying to figure out how to monetize, utilize, and justify social media in the marketing mix. Old media, t.v., radio, newspapers, etc., have been around for years. Can we expect the same from social media?
Consider your ability to measure the impact of your social media spend before you go hog wild. If you aren’t tying your work into a platform that captures metrics, you might be flushing money down the drain. Something to think about.
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