Facebook Vs Myspace: Myspace's Downfall
Some Myspace History
The idea of Myspace was thought up back in 2003 when some employees from eUniverse saw the potential in the site called Friendster. Brad Greenspan, Chris DeWolfe, Josh Berman, Tom Anderson, and others were the founding members of Myspace.
Myspace.com was originally an online data storage and sharing site. It was in 2004 that Myspace.com became a social networking site instead. Sometime shortly later, Chris DeWolfe came up with the idea to charge a fee to use Myspace. Brad Greenspan opposed the idea saying that Myspace would become more successful without a fee.
In 2005, Rupert Murdoch's News Corporation bought Myspace for $580 million. Myspace hit it's peak in 2007 when it is said that the company was worth around $12 billion. Not long later, in 2008, Facebook outranked Myspace.
A Little History of Facebook
Facebook's creator is Mark Zuckerberg. The co-founders are Dustin Moskovitz, Chris Hughes, and Eduardo Saverin. Facebook originated in 2004 and was only for Harvard students. It's site was thefacebook.com. Very shortly later, Facebook was extended to Yale, Columbia, and Stanford Universities. Keep in mind that only people who attended these colleges could be on the Facebook network. Over a year later, in 2005, Facebook is extended, yet again, to over 800 colleges. The company then changed it's name from thefacebook.com to facebook.com.
Several months later, Facebook expands again. This time, they add all high school students. Shortly later, Facebook adds international schools. Then, in 2006, Facebook expands to work networks. A few months later, it is finally made so that anyone can join Facebook.
Myspace Vs. Facebook
I registered to Facebook in September of 2007. I had just graduated from high school the previous June. At the time that I became a Facebook member, not many of my friends were part of it. All I know, is my best friend at the time, Karolyn, said something like, "You need to join this! They used to only be available to college students, but now we can join!". Her older sister, who was in college had been registered for a while and had been the one who told Karolyn about it.
Like I said, not many of my friends were registered to Facebook. Mostly everyone I knew was still on Myspace. I had been on Myspace for some time. If I had to guess, I'd say that I joined Myspace in the year 2005. I loved Myspace at the time. It was great. All of my friends were on it. Family was on it. I could make my own backgrounds, music playlists, put graphics on it, pictures, etc. I could spend hours changing my profile.
When I originally registered to Facebook, I honestly thought it was the stupidest thing. I couldn't make a background. I couldn't put music on it. All I could do was put pictures on it and comment on friend's walls. In my mind, I was saying, "That's what I can do on Myspace; only Myspace has so much more!".
That was the truth. Facebook honestly wasn't that great when I first joined. It was later when they came out with Facebook Mobile, where you can get Facebook on your phone. They hadn't come out with Facebook Chat until later. Then the almighty 'Like' button. After I joined is also when they came out with all of the groups and causes you can join. They got a great selection of games. They even made it so that you can invite people to a party at the click of a button. They came out with the 'people you may know' tool. It was just getting more and more advanced.
And the Winner Is...Facebook!
Before I knew it, Facebook was the site to join! All of my friends that were previously on Myspace were now on Facebook. Like I said before, Facebook outranked Myspace in 2008.
Throughout the past few years, Myspace has gone through many changes. They have rebuilt their site, changing many of their features. They've tried changing the privacy to make it safer. In 2006, they added MyspaceIM. In 2007, they came out with MyspaceTV. At first, they were trying to gain back the users that they had lost for whatever reason (more than likely lost them to Facebook). Myspace has come to the realization that it will probably not gain those users back. Instead, they have started trying to appeal to a younger crowd.
Facebook is now one of the most trafficked sites, which led to Myspace's downfall. It consists of more than 750 million users and is currently worth $87.5 billion (way more than what Myspace was ever worth)! Meanwhile, Myspace dropped from it's once $12 billion value to end up selling for a mere $35 million.
Specific Media, an ad tech company, bought Myspace on June 29th, 2011 for $35 million. Justin Timberlake is an equity investor in the company who is acting as a creative force for Myspace. Specific Media and Justin Timberlake has since stated that they plan to make Myspace a "premiere digital destination for original shows, video content and music."
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