Social Media Nuggets : MYSPACE

Myspace : Social Network Company

Myspace is a social networking service with a strong music emphasis owned by Specific Media LLC and pop music singer and actor Justin Timberlake. Myspace was launched in August 2003 and is headquartered in Beverly Hills, California.

Myspace (stylized as myspace, previously stylized as MySpace) is a social networking service with a strong music emphasis owned by Specific Media LLC and pop music singer and actor Justin Timberlake. Myspace was launched in August 2003 and is headquartered in Beverly Hills, California. In April 2014, Myspace had 1 million unique U.S. visitors.

Myspace was founded in 2003 by Chris DeWolfe and Tom Anderson, and was later acquired by News Corporation in July 2005 for $580 million. From 2005 until early 2008, Myspace was the most visited social networking site in the world, and in June 2006 surpassed Google as the most visited website in the United States. In April 2008, Myspace was overtaken by Facebook in the number of unique worldwide visitors, and was surpassed in the number of unique U.S. visitors in May 2009, though Myspace generated $800 million in revenue during the 2008 fiscal year. Since then, the number of Myspace users has declined steadily in spite of several redesigns. As of June 2013, Myspace was ranked 303 by total web traffic, and 223 in the United States.

Rise and purchase by News Corp

Myspace quickly gained popularity among teenage and young adult social groups. In February 2005, DeWolfe held talks with Mark Zuckerberg over acquiring Facebook but DeWolfe rejected Zuckerberg's $75 million asking price.

Some employees of Myspace, including DeWolfe and Berman, were able to purchase equity in the property before MySpace and its parent company eUniverse (now renamed Intermix Media) was bought. In July 2005, in one of the company's first major Internet purchases, Rupert Murdoch's News Corporation (the parent company of Fox Broadcasting and other media enterprises) purchased Myspace for US$580 million. News Corporation had beat out Viacom by offering a higher price for the website, and the purchase was seen as a good investment at the time. Of the $580 million purchase price, approximately $327 million has been attributed to the value of Myspace according to the financial adviser fairness opinion. Within a year, Myspace had tripled in value from its purchase price. News Corporation saw the purchase as a way to capitalize on Internet advertising, and drive traffic to other News Corporation properties.

 

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